Tackling the mobile payment ‘fear factor’ head-on

Australians may be known as early adopters of new technology but many are reluctant to use mobile payment solutions due to a ‘fear factor’ – something Sniip is tackling head-on.

Sniip CEO Damien Vasta says perceived security and privacy fears have been a significant obstacle to widespread adoption of mobile payments in Australia.

Deloitte Australia’s Mobile Consumer Survey 2015 found that while Australian mobile consumers are actively participating in the growing mCommerce marketplace, it appears they are disinclined to use their smartphones in the same way they currently use their bank or credit cards.

Nearly half of the respondents cited ‘the perceived lack of security’ as the reason for not using their smartphone for payments. The same report states that this perception reflects misconceptions rather than reality as mobile payments are considered more secure than card based systems.

According to Sniip CEO, Damien Vasta, consumers fear the unknown in relation to fraud, privacy loss and identity theft. There are also general trust issues when it comes to mobile devices and credit cards.

“While the mobile payment solutions currently out there in the market attempt to allay these fears and reduce fraud, consumers still don’t seem fully convinced.

“This is why Sniip has tackled security head-on, with unique and secure technology. But we’ve also made it incredibly easy to understand,” he said.

Sniip securely stores information that is required to complete an order, with the added protection of a 4-digit security PIN.

Sniip doesn’t store credit card information on any database or cloud-based server. The user’s credit card data is encrypted and securely stored on their mobile device.

“Using Sniip is more secure than carrying a physical wallet. It requires a 4-digit PIN to be entered for any transaction, similar to the security measures of banking apps,” Mr Vasta said.

“No one can view card details or make a purchase without this PIN. The payment card data is stored securely on the device. And if a user misplaces their phone, their account can be easily disabled remotely,” he said.

Sniip has achieved full PCI DSS compliance. The highest level of safety certification in the payment card data security industry – including prevention, detection and appropriate reaction to security incidents.

Sniip also differs from other mobile payment solutions as the first app in Australia not restricted to any one banking or credit card brand.

Consumers simply scan any Sniip code displayed on a bill, magazines, catalogues, newspaper ads or inside a store and can pay instantly using their secure Sniip mobile wallet.

Sniip brings together a variety of retail shopping brands and service providers under one easy to use app. You can shop across the entire Sniip community of retailers, pay your bills and even pay your parking.

Registration only takes a minute and you’ll never have to re-enter credit card and shipping details again.

More than 90 retailers have already signed up with Sniip, and in the public sector Toowoomba Regional Council is trialling the new mobile payment technology with its ratepayers.

As a free app to download and low cost solution for businesses and organisations, Sniip is fast, simple and secure.

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