M-Payments Gaining Momentum - Payment Processing News

M-Payments Gaining Momentum

M-Payments

The use of in-store mobile payments increased in the US this year, from 5% in 2014 to 18% in 2015, research reveals, with approximately one in five consumers using their phone to make a payment at the point of sale.

The most popular uses of mobile payments in the US:

Public Parking (19%)

Gas Station Purchases (18%)

Coffee Shops and Fast Food Dining (17%)

Paying for Groceries (16%)

Public Transportation (16%)

Paying for a Taxi (16%)

Paying for restaurant bills (15%)

Checking out of a Hotel and Paying the Bill (13%)

Shopping for Clothing (12%)

Shopping in General on the High Street or in the Mall (10%)

Other (7%)

US consumers aged between 25 – 34 were seen as driving the largest portion of mobile payment activity at 36%, with those aged from 45-74 accounting for less than 10% of activity.

Half of the survey’s 2,000 respondents in the US cited security concerns as the main reason for not using mobile devices for in-store payments, while consumers place the greatest trust in traditional financial institutions like banks (49%) for provision of payment services.

Mobile technology is now moving beyond simply being a mode of communication and advancing towards the era of the always-connected consumer, says US telecommunications sector leader at Deloitte.

http://www.nfcworld.com/2015/12/11/340588/store-mobile-payments-increase-four-fold-across-us/

December 11th, 2015 by