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Fed: Consumers wary of mobile payment security

Summary

Americans are embracing using cellphones to conduct financial business, says a March 2012 report from the Federal Reserve, but concerns about security hare holding back adoption

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Americans are embracing using cellphones to conduct financial business, says a March 2012 report from the Federal Reserve, “Consumers and Mobile Finance Services.” One in five cellphone users accessed a financial account in 2011, and that could rise to one in three by 2013, the report says. The biggest drag on faster adoption: concerns about security. More than 40 percent of the 1,780 people the Fed surveyed said they were concerned about mobile payments’ security.

Consumers wary of mobile payment security
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