Privacy Concerns Don't Affect Consumer Adoption of Electronic Payments

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  •  Nov 28, 2014
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HP Atalla supports new Cloud-based payment methods as new research confirms increasing need for security in electronic payment processing

HP announced expanded support for new cloud-based payment platforms as well as Europay, MasterCard, Visa (EMV) issuance with its HP Atalla Network Security Processor (NSP). These enhancements extend HP Atalla's existing support for EMV tokenization and card encryption.

HP also unveiled results from a new study revealing the most popular electronic payment systems, adoption trends and most critical technologies in securing electronic payment methods.

Despite privacy concerns, consumers are quickly embracing new payment systems, including mobile payments, person-to-person payments and e-wallets.  

75 percent of respondents say their organizations plan on supporting payments with a mobile device or phone number, followed by stored value cards. Meanwhile, 43 percent of respondents say e-currencies will be part of their organizations' payment strategy.

66 percent of respondents reporting a key challenge in implementing new payment methods is the difficulty in authenticating users. Moreover, the pressure to migrate to these payment systems puts the security of transactions at risk, according to 63 percent of respondents.

Only 38 percent of respondents saying consumers will be reluctant to use these payment methods because of privacy concerns. Yet on average only 48 percent of respondents say their organizations use one time passwords or tokens, while an average of 42 percent say their organizations use federated identity and authentication systems.

 


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