Consumers Not Trusting Mobile Wallets Is Bad News For Bitcoin

The recent influx of malicious mobile Bitcoin wallet son the Apple App Store is not reassuring any potential interest cryptocurrency users. The news could not come at a worse time either, considering consumers have issues with trusting mobile wallets by default. A recent survey by Episerver goes to show 78% of respondents worry about security more than anything.

Trusting Mobile Wallets Is Difficult For Most Users

The survey conducted by Episerver goes to show how there is still a very long way to go before mobile wallets become a mainstream trend. Not that anyone should be surprised by these numbers, as there are a lot of security concerns over mobile financial apps these days.

Although this survey was only conducted among 1,000 shoppers, the numbers are worrisome. Nearly eight in ten respondents among older generations are concerned over mobile app security. Contrary to what some people might expect, the younger generation is showing a lot of safety concerns as well.

While mobile shopping is a booming market all over the world, adoption of mobile payments is well behind the curve. Keeping payment information secure has proven to be very difficult considering how payment fraud is still on the rise. Furthermore, most mobile payment solutions still record sensitive payment information in centralized solutions, which are not always secure.

Building trust in the financial app sector will be a difficult task. Once trust is established, consumers will automatically spend more, as they feel confident while doing so. Increasing the number of customers who trust mobile finance apps will take some time, though.

Keeping in mind how there are so many malicious Bitcoin wallets on the Apple App Store right now, the battle becomes even more challenging. Bitcoin is designed to create trust and reduce risks when making payments. But if users can’t even trust their own Bitcoin wallet, what good does it all do?

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