Our Take on UC Berkeley’s Mobile Payments Study
Yesterday, an interesting study from the New York Times Bits Blog was published which highlighted a new study by law professors from the University of California, Berkeley. The study took an in-depth look at both the consumer benefits and privacy concerns in the mobile payments space.
The research notes that one of the key challenges that stands between consumers clutching their wallets and tossing them in the garbage is concerns over privacy. Four out of five surveyed “objected to the transfer of their phone number to a store where they purchase goods,” whereas 15 percent said they would “probably allow” transmission of that information. Three percent said they would “definitely allow it.”
American Express revealed similar trends in its “Consumers on the Future of Payments” research that was released in March, with 83 percent of consumers agreeing that security is the factor most top of mind for them in embracing new payment technologies. In addition, 75 percent of the consumers polled noted that they were confident that financial services companies would do what is needed to protect the security of their information.
We 100% understand that keeping your money and identity secure is a top priority, and with American Express’ 150 years of experience behind us, you can rest assured we’ve got you covered if you want to (safely and securely) test drive our digital payments system. There will always be skeptics and concerns around mobile payments, and that’s why at Serve – in addition to ensuring the platform is secured – we focus on education. This entails helping people be smart and secure around mobile or physical transactions, but also informing them about the convenience and simplicity of alternative payments.
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The Serve Team is focused on bringing you the best next generation digital payments and commerce platform for the future. Posts from the Serve Team are written by various employees covering a range of topics including product updates, partnerships and industry news.
