Retail mobile payments have developed rather more slowly than many have predicted would be the case. The basic objection has been that switching from existing retail payment methods to mobile payment adds too little value to drive rapid switching. That seemingly remains the case.
Security and privacy remain the top stated consumer concerns, though an argument might be made that the real reason is that the innovation simply does not yet add enough value to be worth the “bother.”
When asked about which forms of payment they find most secure, cash topped the list of responses to a survey conducted by Walker Sands. Some 46 percent indicated that was a concern. Credit cards were cited by 27 percent as “most secure,” while debit cards were seen as most secure by 22 percent of respondents.
Mobile payments ranked last each of the past two years, at one percent, in terms of “preferred method of payment.”
The majority of consumers cite security (61 percent) and privacy (58 percent) as the two primary factors that make them hesitant to use mobile payment applications.
About14 percent of consumers say they have no hesitation to use mobile payment services. There are other issues, such the disparity of retailer terminals able to accept one or more mobile payments systems.
For some of us, those are real, but secondary issues. The key problem remains that value is not high enough to prompt massive behavior change.
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