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PayThink Mobile pay apps still raise security fears

PayThink Mobile pay apps still raise security fears

Among their many other functions, mobile devices now help us buy our morning coffee more quickly or pay back a friend with less hassle.

According to Visa’s 2016 Digital Payments Study, global consumer adoption of mobile payments has tripled in the past year. And research from Capgemini projects a 10% growth rate in the volume of transactions from apps that enable digital payments.

But while digital payments have become a faster, easier and more-convenient payment method for consumers, my company’s recent research found that people were very concerned about their security. Almost 9 out of 10 of those we surveyed said they would discontinue using a digital payment provider if they are victim to cybercriminal activities because of a data breach at the provider.

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