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Annual report: Consumer trust in the digital age

Last year, payment card fraud in the UK was estimated at £618m, with the global figure standing at $21.84bn. Because of this, banks, issuers, schemes, merchants and PSPs are taking significant steps to improve online security and reduce the risk of fraud.

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Discussing consumer trust at MWC 2017

This week we are in Barcelona to attend the prestigious Mobile World Congress (MWC) 2017. Invited by the Mobile Ecosystem Forum (MEF), MYPINPAD participated on a panel discussion on data privacy and trust in the data-driven economy.

MYPINPAD’s Business Development Director, David Poole, analysed the important role of trust in digital payments and eCommerce transactions and shared exclusive preliminary findings from our latest research.

There are many factors that separate a successful retailer, bank, travel or gaming company from an unsuccessful one. Brand popularity, customer experience, appealing promotional offers, excellent customer service and quality products are all very much coveted; but consumer trust is an invaluable foundation upon which all the others can thrive.

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Why should we be interested in consumer trust?

Consumer trust is the absolute bedrock on which digital commerce is based; it is absolutely critical. If consumers don’t trust the processes or new implemented technology, they won’t use it.

This is the reason why we are currently engaged in a social media sourced survey looking into consumer trust in digital transactions. We would, of course, be pleased if you could take five minutes to take part.

Our survey takes a particular focus on banking and financial transactions and with very good reason.

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Biometrics and the trust factor

Last week was a very busy news week for biometrics.

There was news from Uber that their drivers will soon have to take mandatory and regular selfies in order to verify their identity. This was followed by an announcement from a researcher in Singapore who claimed that iris identification software, as piloted by the new Samsung Galaxy Note 7, would be the catalyst for the development of biometric driven mobile payments. Finally, Leonovo and PayPal, founders of the FIDO Alliance, shared the news that they were working on ways to have fingerprint authentication on laptops for payments.

But, even though biometrics are taking a protagonist position on today’s and tomorrow’s technology, there is still some resistance from users.

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Familiarity and Security Lead to Trust

There are lots of factors that separate a successful payment method from an unsuccessful one. Ease of use, the right industry support, the buzz of social media, all play their part, but none are as important as trust.

Money itself is predicated on trust, it’s a promise. Take the common banknote, for example. It has no intrinsic value in itself; it is a form of negotiable instrument known as a promissory note whereby the bank will pay the value of the note if so demanded. Even the value of money itself is entirely abstract, it’s what you can do with the value that’s important, and everyone has to agree to participate in the same way for it to work.

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