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7 in 10 mobile payment users cite security concerns: report

All Headlines 11:27 June 01, 2017

SEOUL, June 1 (Yonhap) -- Nearly seven out of 10 South Koreans using mobile payment services cited security concerns, a report showed Thursday.

According to the report by market researcher DMC Media, 68.8 percent of the users were satisfied with using financial services via mobile platforms but have worried over personal data leakage. The report was based on a survey conducted on 291 users in April.

The survey showed that 88 percent of the adults had used some sort of mobile payment tool in the past six months, up 8.8 percent from a survey conducted a year earlier.

"Mobile payment platforms -- which suffered some difficulties in the market in the beginning due to an unfamiliar payment method -- have now became mainstream in everyday lives," DMC said in a report. "Concerns over personal security are still a big challenge that needs to be solved."

In an aim to meet the rising demand, big name local tech firms, including LG Electronics Inc, have recently launched their own mobile payment tools.

During the World IT Show 2017 exhibition last month, LG showcased LG Pay, which adopted the Wireless Magnetic Communication technology to compete against rival Samsung Electronics Co.'s Samsung Pay.

7 in 10 mobile payment users cite security concerns: report - 1

khj@yna.co.kr
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