Survey Finds Many Consumers Wary of In-Store Mobile Payments
Seventy-five percent of U.S. and European consumers are unwilling to use mobile devices to make in-store payments, according to a Bain survey of 25,000 consumers. Still, mobile payment users tend to spend about twice as much as non-users through all electronic channels. Factors impeding the growth of mobile payments include potential data security and privacy breaches, with 40 percent of poll respondents seeing no reason for changing their payment habits. Meanwhile, although just 25 percent of respondents are willing to try in-store mobile payments, Bain says only 3 to 7 percent have used it so far, varying by country. Bain says these potential adopters can be won over by offering additional value such as faster checkouts, real-time balance access, and location-based marketing offers. “Our study…shows that the size of the prize is substantial for those banks, retailers, and other digital wallet providers able to create customized value propositions for the growing number of people signaling their willingness to shop on their mobile devices,” says Bain’s Stephen Bertrand.
From “Americans and Europeans Wary of In-Store Mobile Payments”
Finextra (03/11/14)