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Consumers still have security concerns when it comes to mobile commerce. And apparently, they’re not the only ones. The UK’s Financial Conduct Authority is going to be reviewing banks that offer mobile services to check they have proper IT systems and policies to protect consumers.

However, security concerns are not consumers’ biggest when it comes to mobile commerce. According to SAP’s just-released report The Mobile Consumer (which I blogged about earlier this week), the hassle of having to enter too much information is the biggest stumbling block (51%), followed by poor network connectivity (50%). Safety concerned ranked third, with 45% of respondents citing that as a factor that keeps them from making more purchases with their mobiles.

The infographic below lays out the highlights of the report from a global perspective: where we’re at, where we’re going, and how we get there. Most important, it clearly spells out what consumers are looking for in mobile payment solutions. And they are looking: 82% of respondents want to buy more on their mobile devices

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  1. Nagarajan Viswanathan

    End users demand for functionality and ease of use so having multiple authentication mechanisms is a hassle for them 🙂 . When an incident takes place then only people realize the importance of security.

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