PLANO, TEXAS – [October 6, 2016] – Concerns about fraud and theft risks are inhibiting adoption of mobile wallets, but businesses underestimate the problem, according to a new global survey of consumers and executives released today by NTT DATA, Inc., a leading business and IT services provider. The survey found more than half of consumers believe mobile wallets are less secure than cash—yet nearly 60 percent of executives say mobile money will build their business because it’s safe.
In August 2016, NTT DATA, Ingenico, Oxford, and Charney surveyed 2,000 global consumers and 300 companies worldwide to investigate sentiments, expectations and concerns about the future of money. Our study showed customers in developed and developing countries alike are interested in using mobile money, but companies must do more to ease their security concerns if adoption is to become widespread.
“Fear is a powerful inhibitor, and fraud fear is top of mind for many consumers,” says Peter Olynick, senior practice lead, Retail Banking, NTT DATA Consulting, Inc. “Consumers are not just worried about losing one or two transactions, they fear having their identity stolen. If financial institutions can mitigate those fears and improve merchant adoption for mobile, we will see consumer adoption rates begin to accelerate.”
Other important findings from the study include:
The complete report, “The Future of Money,” will be published in January 2017. To request a copy, please email FutureofMoney@oxfordeconomics.com.
Follow us on Twitter @NTTDConsulting for updates related to this new research, using the hashtag #FutureofMoney.
NTT DATA Consulting will be discussing this research at BAI Beacon on Thursday, October 6, 2016, in Chicago during a session entitled “Mobile Wallets – Do Consumers Really Care?”
NTT DATA will discuss additional findings from “The Future of Money” at Money20/20 on Tuesday, October 25, 2016, in Las Vegas during a session entitled “Designing for Women: FinTech for the Decision-Maker in Most U.S. Households.”
Oxford Economics is the world leader in global forecasting and quantitative analysis for business and government, and the most trusted resource for decision-makers seeking independent thinking and evidence-based research. Headquartered in Oxford, England, with offices in London, New York, Singapore, and elsewhere around the globe, the firm employs more than 150 professional economists, industry experts and business editors—one of the largest teams of macroeconomists and thought leadership specialists. Please visit www.oxfordeconomics.com to sample our research and analysis.
Charney Research is a strategic survey research firm specializing in work in global markets and developing countries. It helps decision-makers in the corporate, security, and international development sectors assess markets, develop strategies, and evaluate results. Charney has worked in more than 45 countries over 20 years, for clients ranging from Alcoa, Samsung, and ABC News to the International Peace Institute, the State Department, the US Agency for International Development, and the World Bank. We have a history of conducting complex, multi-country studies. Visit www.charneyresearch.com for information about our work as well as resources on public opinion and research methods for survey work in developing countries.
NTT DATA is a leading business and IT services provider and global innovation partner with 80,000 professionals based in over 40 countries. NTT DATA emphasizes long-term commitment and combines global reach and local intimacy to provide premier professional services, including consulting, application services, business process and IT outsourcing, and cloud-based solutions. We’re part of NTT Group, one of the world’s largest technology services companies, generating more than $100 billion in annual revenues, and partner to 80% of the Fortune Global 100. Visit www.nttdata.com/americas to learn how our consultants, projects, managed services, and outsourcing engagements deliver value for a range of businesses and government agencies.
Ingenico Group is the global leader in seamless payment, providing smart, trusted and secure solutions to empower commerce across all channels, in-store, online and mobile. With the world’s largest payment acceptance network, we deliver secure payment solutions with a local, national and international scope. We are the trusted world-class partner for financial institutions and retailers, from small merchants to several of the world’s best known global brands. Our solutions enable merchants to simplify payment and deliver their brand promise. Learn more at: www.ingenico.co.uk and www.ingenico.com.