Here’s Why Mobile Wallets Haven’t Caught on Yet

Trust issues keep consumers on the sidelines of the connected device revolution

With all the talk about mobile payments, the launch of Apple Pay and numerous brands getting on board, why does it seem like no one is actually using his or her phone to pay?

It all comes down to the foundation of any relationship: trust. Or, in this case, the lack of it. In its third annual Global Consumer Trust Report, MEF, a global trade organization focused on mobile content and commerce, found that the increasing number of high-profile data breaches and a lack of clarity regarding data collection have left consumers more than wary. More than a third of the 15,000 mobile media users in 15 countries surveyed by MEF and AVG said they simply don't trust mobile wallets, and roughly the same amount said they shun apps to be safe. Most said they feel app providers and device manufacturers are responsible for making the system more secure.

"Trust is the most important asset of any business, and consumer confidence must underpin the mobile ecosystem," Andrew Bud, MEF's global chair, said in a statement. "The

sustainability of the mobile industry depends on it." 

Infographic: Carlos Monteiro