The Path to Mobile Payments 2015

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NFC / Mobile Wallets

The survey showed that half of consumers polled were unfamiliar with mobile technologies such as near field communication (NFC) and mobile wallets. Similarly, half of respondents said they were unlikely to shop in a store because it used in-store tracking technology to provide offers on mobile devices.

"This is a classic case of new technologies needing to reach critical mass before consumers come on board," said Mach. "Today, in 2015, the pieces are fitting into place – what's essential now is for the industries driving the mobile payment revolution, from finance to retail to systems providers, to educate consumers on mobile payment's benefits and easy use."

In-store mobile payments became a hot topic toward the end of 2014 with Apple Pay and CurrentC joining the arena with other contenders such as Google Wallet. All are vying for the top spot, but are consumers ready? While a number of security issues need to be worked out, as with all technology – old or new, the industry is moving forward, locking infrastructure into place for widespread use across the U.S.

A recent Verifone survey, conducted by Wakefield Research, of 1,000 adults 18 years and older, found that more than half of respondents – 53 percent – felt it was important for stores to install devices that enable consumers to pay with their smartphones, indicating wide receptivity to mobile pay options once available. Not surprisingly, the desire for mobile payment access was higher among those 40 and younger.

"The survey data illustrate a typical early adopter scenario – high awareness among younger consumers, which is the essential precursor to mass market adoption," said Joe Mach, senior vice president and general manager of vertical solutions at Verifone. "The mobile payment industry is an industry on the cusp, with so many components essential to success, such as EMV and Apple Pay, coming into focus for the first time, and delivering real value to the end user."

Among the advantages cited for using smartphones instead of traditional payment methods, speed of use ranked first (34 percent), followed by freedom from carrying a wallet (29 percent), access to mobile deals (24 percent), ease in tracking spending (23 percent), and safety of personal data (18 percent).

This slideshow features highlights from Verifone's mobile payment survey on consumer in-store payment behavior and attitudes toward mobile payments.

 

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