Blog

Mobile credit card processing likely to grow given consumer preference for payment method

July 9, 2013

With many consumers feeling the need to leave their wallets at home, some businesses may benefit from altering the way they manage their payment policies.

With many consumers feeling the need to leave their wallets at home, some businesses may benefit from altering the way they manage their payment policies.

Nearly 85 percent of those polled felt it would be better if it wasn’t necessary to have their wallet on them when going shopping, a report from PayPal noted. Close to 30 percent of Americans noted they would rather just bring their smartphone than having their wallet, as well.

Despite this, there could be some issues with the businesses that serve these consumers. The report noted that nearly 70 percent of those who wanted to buy an item were turned away due to there not being an option to purchase beyond cash.

“It’s not about replacing cash or your credit card with a new payment method, it’s about using technology to solve real shopping pain points,” said David Marcus, president of PayPal.

Using cash is becoming more of an issue for Americans, especially those who don’t like using change. The report explained that two-thirds of those polled said they have a jar for spare change, or they just give the coins to their children.

Mobile credit card processing may become more of a key for many businesses in this situation, as many consumers could just be tired of carrying around more items in their pockets. Others may just not be comfortable with carrying around change.

Some businesses may already be trying to catch up. A report from SunTrust Banks noted that nearly 60 percent of businesses have dedicated investment decisions to the use of new technology this year. This may help the fact that close to two-thirds of those polled felt the company’s financial progress is more improved this year than last year.

Back To Blog