Whether it’s an app, digital wallet, social peer-to-peer platform, or mobile POS or NFC system, mobile payments are the future of payments. However, privacy and security concerns have prevented mobile payments from going mainstream. Take for example the 2015 holiday season. A survey conducted Inside Secure found that despite an increase of users planning to make in-store holiday purchases with their mobile device from 33% to 40%, a whooping 70% of respondents claimed that they would not use their smartphones to make a purchase over concerns of identity theft.
Link: Hacking in Mobile Payments Space