Two facets of mobile payment adoption have reached an inflection point, according to separate studies released in successive weeks.
Consumers have used their smartphones for 61% of all online transactions so far in 2019, according to a report released this week by iovation, a subsidiary of credit reporting agency TransUnion. That figure surpassed 50% for the first time last year, and is up from 28% in 2014, the report indicated.
But that trend also extends to potentially nefarious dealings. Half of suspected fraudulent transactions originated from mobile devices so far this year, according to the same report, which showed that figure has more than doubled since 2017, when it was 21%.
Separately, half of consumers are now using in-app digital wallets, a 7% uptick from one year ago, according to a study McKinsey&Company unveiled last week at Las Vegas’s Money20/20 conference. And more than three-quarters (77%) of U.S. consumers made a mobile payment of some type — online, in-store or in-app — in the year preceding August.
Although that figure encompasses 91% of millennials, that digital behavior was by no means limited to that generation: 64% of baby boomers also were party to a mobile payment, the report showed.
The iovation report canvassed more than 1,600 U.S. and U.K. consumers, 72% of whom said account security and privacy were primary concerns in choosing a financial institution. More than half of…