CMR: Payment Security Still Prevents Purchases

A study by PaymentOne indicates people who do not purchase things online might still be hung up on security concerns. That's certainly how the study sponsor would like to interpret it because, naturally, they have security stuff for ecommerce companies to buy. But what isn't indicated in the released data is whether or not the security concerns arise because of the transaction mechanism (typically encrypted credit card purchases) or because they believe they're dealing with shady Internet companies that are just this side of fly-by-night operations.

It seems pretty clear that the people who have yet refused to purchase things online will not start queuing up simply because an e-tailer ripped up the SSL layer and implemented a more robust cryptography. People aren't going to wire money to Ray's First Bank of Nigeria, no matter how robust the transaction process seems. The Rays of the world will first have to establish some brand credibility.