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Mobile payment may take time to reach mainstream

July 23, 2013

A sizable number of industry members have noted in the past of the positive contribution mobile payments may have in the market in the coming months and years.

A sizable number of industry members have noted in the past of the positive contribution mobile payments may have in the market in the coming months and years. However, one expert felt that this may be a bit more muted than some have projected.

Due to the lack of a unified push of certain mobile payment products, there could be a slower progression in the market when it comes to overall adoptions of these items, according to Keith Stone, CEO of CSI Enterprise, in an interview with Pymnts.com. The market has seen many people talking about how potentially important these tools are, but there may be some things necessary to fix the gap between talk and usage. New hardware and software are needed by many people, especially businesses.

There are some things that may start to progress as this year winds down. Stone noted that more people may use online bill payments, but this is not going quickly. However, there may be some thing on the way that may help the market out. Some product improvements and retooling could make businesses more attracted to these mobile credit card processing options.

Consumers still want easier payment choices
This year may be showing some slow progress in the mobile payments market, but there may be a spike in the coming years. This is due to a number of consumers feeling some type of option is important in lieu of their traditional payment methods.

More than 80 percent of global consumers consumers noted they are not fond of carrying a wallet when heading out to do their shopping, according to a report from PayPal. When looking at Americans alone, approximately 86 percent noted the same thing.

Close to 30 percent said they are interested in just having their cellphone with them, if they were given an option to just take one. Payments have become an issue for many people heading out who planned to make purchases. Nearly 70 percent of those polled noted they were not able to pay for the item they wanted because they were without cash at the time. Nearly one-third explained they struggled with this more often than not. Additionally, close to 70 percent felt they don’t have much use for their change, as they just throw it in a jar when they get home.

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