90 percent of e-shoppers go for PIN authentication

The study called ‘PIN: From Brick to Click’ reveals that 90% of frequent online shoppers would use PIN to authorise payment via mobile. The market for paying on a mobile touchscreen device seems to grow, with more than 40% of all e-commerce in the UK now carried out on a mobile or tablet. Yet, for all the speed and convenience mobile offers, security is still the primary concern for both the industry and the consumer.

Phil King, CEO of myPINpad, said that banks’ ability to invest in innovation is in many cases inhibited by the need to maintain legacy systems, and by the overhead of regulatory compliance. He added that introduction of PIN in the UK reduced face-to-face fraud by 69%.

Neira Jones, Advisory Board Member and Ambassador of the Emerging Payments Association, in her foreword in the report says the world of retail is changing and recent data breaches have increasingly put the safety of the consumer and the threat and cost of data compromise on the Board agenda. Organisations able to contribute to the enhanced security of the payments ecosystem, without compromising convenience and with a thorough understanding of consumers’ behaviours and preferences, have a chance to win the battle with cybercrime.

The report offers insights and analyses what this form of authentication would imply for merchants, consumers and banks.

myPINpad is a UK-based company and the provider of Software as a Service (SaaS) platform that enables the seamless combination of multi-factor authentication to the payments industry’s existing infrastructure and protocols.