Survey reveals consumers trust the familiarity of PIN for online authentication
MYPINPAD today announces the initial findings from its exclusive Mobile PIN authentication survey. The unique online consumer study sought to understand consumer attitudes to combining cardholder PIN with mobile authentication for online payment.
The results indicates there is a high degree of consumer confidence in PIN as a method of authentication.
- 69% of respondents feel secure shopping in-store thanks to Chip and PIN
- 85% of respondents would like to be notified on their mobile of high value transactions and have the ability to instantly authorise with a PIN
- 90% of frequent online shoppers said that if it were available they would use PIN to authorise payment via mobile
These results demonstrate not just the trustworthiness of PIN but, also, a willingness among consumers to apply this familiar security method to new scenarios.
David Poole, Business Development Director at MYPINPAD, said “the rich consumer experience offered within mobile apps will ensure its place as the dominant channel for digital retail. With this though, comes the twin demands for both speed and security on behalf the consumer, the merchant and the regulator without compromising the consumer journey.
“What the survey findings support is that the proven mix of speed and security offered by in-store PIN payments has been a success with consumers and that they are ready to use this tried and trusted method on their mobiles.
As transaction volume migrates to mobile, in order to combat increasing levels of fraud and meet PSD2 requirements for “strong authentication”, the payment industry should look to provide appropriate and familiar secure processes that the consumer recognises, trusts and will use with confidence.