Over the past decade, mobile payment methods have been on the rise. In the United States alone, the use of cash was reduced by 50% from 2010 to 2020. Due to the COVID-19 pandemic, the preference for touchless payments has increased even more. With the rise of new technologies for transactions, however, comes security concerns about fraud and identity theft.
These security risks don’t necessarily mean you should steer clear of mobile payment altogether. From upgrading the security on your devices to simply knowing the potential risks, you can stay informed and protected while using mobile payment.
Keep reading to learn some must-know mobile payment statistics and the security concerns to keep in mind.
Mobile Payment Methods
All forms of mobile payment allow contactless transactions to take place, and there are a variety of options available. Here are a handful of the most common mobile payment methods:
Mobile Payment Use
Even though credit and debit cards remain the more common way to make transactions, millions of users are still opting for the contactless option. In fact, the mobile payment market is projected to be worth $6.7 trillion in the next two years. To get a better sense of mobile payment’s reach, take a look at how many users some of the most popular types have:
Apple Pay: 227 million users
Google Pay: 100 million users
Samsung Pay: 100 million users
Venmo: 52 million users
Mobile Payment Statistics
These mobile payment methods offer a variety of ways to store information and make transactions, including mobile wallets, QR codes, Apple Pay, and cryptocurrency. Check out some facts about these mobile payment options:
In 2020, around 21% of all payments were made with mobile wallets.
Since the beginning of the COVID-19 pandemic, the use of QR codes for payments in the United States has increased by 11%.
Over 900,000 apps sell their products and services using Apple Pay.
More than 15,000 businesses accept Bitcoin as a form of payment.
By 2027, the market value of mobile payment is expected to exceed $12 trillion.
Mobile Payment Security
Although mobile payment is becoming increasingly common, its use has prompted some security concerns. However, one of the best ways to reduce the risk of these security breaches is to stay informed. Read through these mobile payment security facts to get the information you need:
Just 24% of users report security as a reason they prefer mobile over cash payment.
38% of consumers believe the security provided by mobile payment is subpar.
Among the transactions made online, 27% of them are made using fraud accounts.
In the United States, 70% of consumers report identity theft and financial loss as their primary concerns about mobile payment.
The main way people lose money through mobile payment is account takeover fraud.
In order to enjoy the benefits mobile payments can offer businesses and users, it’s critical to be wary about security concerns and take steps to prevent them.
If you want to learn more about mobile payment, check out the infographic below.