Security concerns prevent 31% of Americans from downloading payment apps

New Ideas in MarketingEssential news for marketers, summarised by YouGov
August 24, 2020, 8:55 AM UTC

Money Crashers’ recent survey reveals that only 19% of consumers read privacy policy statements.

The report states that 52% of US consumers aren’t concerned about payment app’s security. However, security concerns hold back 31% of respondents from downloading payment apps.

While 20% of the survey participants have some security worries about payment apps, the continue using those apps. Of those polled, 43% have decided against downloading payment apps, over security issues. 26% have never even considered using payment apps.

With only 19% of people reading privacy policy statements, 81% of the consumers aren’t aware how their information is being used. This article states small brands must conduct cybersecurity training for their employees and consumers to protect their business.

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