You've been redirected from MobilePaymentsToday.com to PaymentsDive.com. In March 2021, Mobile Payments Today became a part of Payments Dive. For the latest payments news, sign up for the daily newsletter.

KPMG report says consumers are embracing technology, willing to trade personal data

In a new study by KPMG, consumers say they are increasingly embracing new mobile technologies, but they're sending some mixed signals as well. While many still say they worry about security and privacy, a large number say that having their data tracked isn't that big of a deal to them.

"The survey reveals that consumers around the globe adopt new technologies at a rapid pace and at the same time are increasingly willing to accept their data to be tracked if they get something in return," said Tudor Aw, KPMG’s European Head of Technology, in a statement on the report. "This represents a huge opportunity for all players in the digital ecosystem — retailers, advertisers, telecom operators and the financial industry."

The report, entitled "The Converged Lifestyle," says most respondents prefer buying items online versus in-store. Seventy percent of respondents said they prefer buying airline flights and vacations online, and 65 percent said they would rather buy CDs, DVDs, books and video games online.

Additionally, the report shows that 41 percent of shoppers worldwide use mobile devices to research products online and one quarter of shoppers actually pay with their mobile devices.

"From buying goods on their mobile phones to keeping up with friends on social networks, consumers are increasingly reliant on a range of technologies that perform important — yet often overlapping — tasks," Aw said.

Aw explained that the new "converged lifestyle" will have huge implications for retailers.

"The integration of various channels will become increasingly important as retailers begin to see many of their consumers move to online and application-based purchases," Aw said.

According to Aw, retailers will need to understand the opportunities and risks that ubiquitous mobile devices in the hands of empowered consumers present. For instance, security remains an issue for consumers. Nearly half of respondents said they are very concerned about security (48 percent) and privacy (48 percent).

The report shows consumer concerns over privacy and data security have actually increased over the last few years, Aw said. He suggested that companies across all sectors take this concern seriously and said consumers want transparency on what companies are doing about data security as well as third parties to certify this security.

Security concerns notwithstanding, one surprising result according to the study is consumers' willingness to have their data tracked. According to the report, nearly two thirds of respondents (62 percent) said they would trade having their information tracked if it resulted in lower cost or free content.

For more stories on this topic, visit the Trends/Statistics research center.