Mobile payments adoption overview
Mobile payments is the buzz phrase these days. A lot of articles and predictions appeared on the Web stating that this year mobile payments will become leading trend in the sphere of e-commerce.
NFC payments and mobile wallets are all you need to pay with your mobile. Easy and smart and convenient ways of payment. Still with all this buzz on the Web around mobile payments, in fact there seems to be no sensational reaction of people.
According to a survey, people have heard about NFC payments, but in fact not everybody did. 73 % of respondents claimed that they know about this technology. Out of these 73 % only 11 % have tried it once or more than once. 26% of people questioned have neither used it, nor ever heard of it before. All in all vast majority of those who are likely to use mobile payments are 18-24-year-olds, as they are most likely to own a smartphone supporting this technology.
The main benefits of mobile payments are simplicity of usage, speed and convenience:
- Most of respondents of mobile payments survey said that the most attractive benefit is that it is easy to use.
- Also you have no need to carry cash and ample of credit / debit / loyalty / discount cards with you.
- 26% were glad to know that this is evolving technology that develops day by day and they want to be in touch with time.
- Other 10 % answered that with mobile payments it is much easier to track how much do you spend.
- Understanding that when you pay with mobile you can get additional pay points is appealing to 7 % of participators.
- The third (33%) doesn’t see any benefits at all.
- A third of people do not see any point in changing their current method of payment. People are concerned with mistakes in the system. As for example, when you pay twice for one and the same merchandise by mistake and do not even notice it.
- More than a half have concerns regarding security and fraud protection.
- 16% are dissatisfied with maximum spending limit for transactions, so they cannot freely use mobile payments.
- Some part of people doesn’t have clear understanding on how does it work.
As soon as it comes to limitations and barriers to adoption, there are more trust issues among users.
In reply to user concerns on security of mobile payments, specialists state that this kind of payments is just as safe as others. All data stored on the phone, which is used for payments, can be protected by personal PIN. In fact, users can enable PIN protection for every transaction made with phone, even for small amounts. Over-the-air technology makes it possible to block payment application remotely.
In case mobile device is lost, there are also possibilities to prevent others from spending your funds. NFC payment issuer or mobile operator can lock or even delete payment application remotely.
You should also check our tips for shopping online using your handset.