NFC Mobile Payment Industry News: Fed: Consumers wary of mobile payment security

CreditCards.com infographic: Fed study says consumers wary of mobile payment security

By Juan Rodriguez

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.