The attitude of US consumers towards mobile payments is shifting, according to a study conducted by Retale, a location-based shopping and marketing platform.
The survey was carried out earlier this month and asked more than 1,000 individuals in the US whether or not they are inclined to use a mobile payment method over a traditional one (cash, credit, and debit cards) during the upcoming holiday season.
The survey also focused on asking about the advantages of mobile payments and the objections one might have with the use of it.
Asked whether or not they are willing to endorse mobile payments to purchase a present or other items 56% of participants said they would, while 91% who had already used such a payment method said they were ready to try it again.
Although only 36% of the respondents had previously used mobile payments, the percentage is more than double that in a similar 2012 study, when only 15% used a mobile payment method.
Convenience was the main reason cited by consumers for using this payment method, mentioned by 58% of respondents. Their greatest objections are “data breaches and privacy” (28%); “possible theft or loss of my mobile device” (17%); and “difficulty keeping track of spending” (10%). However, 68% of participants said they would only be willing to use this method for items that cost US$50 or less.
Asked about choosing a service, 51% preferred PayPal followed by Apple Pay, Google Wallet, and CurrentC with 21%, 10% and 8% respectively. Millennials are particularly open to using their mobile devices to pay, with 53% having previously done so against an average of 36% for all groups.
Taken together, the data indicates that PayPal still leads, while the comparatively increased willingness for younger consumers to pay with their mobile and tablets – hence Snapchat’s recent
launch of Snapcash
Data from Swift’s latest RMB tracker shows exceptional growth in RMB adoption in the United Arab Emirates (UAE), witnessing a 210.8% growth in payments value of the currency since August 2014, albeit from a low base.
SWIFT has announced that it has successfully completed the first phase of the global payments innovation (GPI) initiative pilot, clearing the way for the go-live of the service in early 2017.
A recent Gallup poll found that respondents identified the 'economy in general' as their biggest concern.
The proposals of both US presidential candidates could shake up operating conditions in several sectors, reports the credit ratings agency.