Over the past year, shoppers’ attitudes toward mobile payments technology have undergone a dramatic shift. After struggling against the entrenched belief that credit cards were the best, most efficient form of payment, mobile systems took advantage of the EMV liability debacle to gain ground. Now, with 2016 just days away, they’re set to truly take off.
Mobile payments bolstered in 2016
Retail industry analysts have decided to wrap up 2015 with predictions about which trends will take flight in the new year, and mobile payments is at the top of their list. According to Mobile Commerce Press, experts are behind mobile payments more than ever before.
Consumers are turning to Apple Pay, Samsung Pay and PayPal in droves as EMV chip cards prove inconvenient. These payment systems have been embraced to such a degree that mobile wallets aren’t just expected to become far more popular at retail stores, but also at restaurants and other locations.
For the first time in recent memory, more and more shoppers will be ditching the credit cards – which, with the instillation of EMV chips, can draw transaction times out to 10 or even 15 seconds – that for so long were considered practically immortal, technologically speaking.
This is just the beginning of mobile payments’ moment, and the technology will be sure to make the most of it.
Early preferences among shoppers
2016 will be a big year for mobile payments, but data from this soon-to-depart calendar year is already giving analysts a good inclination of what to expect in the future. Payments Source reported on a survey of 1,000 shoppers conducted by the shopping website Retale.com, wherein 43 percent of respondents recalled using a mobile device at point-of-sale in a retail store in early December.
A survey fielded at this time one year ago saw only 36 percent respond that they had done so – a substantial jump in activity that provides a clear idea of how quickly mobile payments are being adopted.
Those who reported using their mobile devices to make a payment had certain preferences for the systems they used. Payments Source described how half of the respondents preferred PayPal for an in-store transaction, whereas 27 percent said they would be most comfortable with a payment app provided by their personal bank.
A further 20 percent identified Apple Pay as their primary choice, while 17 percent went with Android Pay.
It was already well established beforehand, but this survey from Retale.com reaffirms the fact that familiarity with the brand name and technology, as well as a trust that transactions will be fast and secure, are essential to keep mobile payments momentum rolling with consumers.
Consumer adoption will be sped along if retailers stick to expanding their offerings of mobile payment terminals, as shoppers expect them to. In 2014, 57 percent of consumers thought stores should offer NFC-enabled terminals for mobile payments. In Retale.com’s latest survey, that number is up to 63 percent, and it will only continue to rise.Back To Blog