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.

Daily we use banknotes, cheques, payment cards and so on because we have grown to trust them; we trust that the issuing bank will make good on their promise and that the payment medium will be accepted by whomever it is presented to.

This issue of trust becomes far more difficult to address in the digital world and is critical to the success of a payment method, merchant or bank. They must be trustworthy.

The growth of digital commerce has spawned an array of new and innovative fraudulent practices. As a result, consumers are increasingly concerned about what could happen if their personal security is breached. They will not only be worried about financial loss but also the potential for identity theft, which can have further implications for personal finances and credit rating.

MYPINPAD has recently engaged in a global survey to better understand the effects online fraud has had upon consumer trust in a digital environment. The report will be available to download in March.

If you are at #MWC17, don’t miss the chance to learn more about our research and hear David’s insights.