More than half (53%) of US consumers think it is important for more retailers to install devices that enable them to pay with their smartphones, a Verifone survey conducted by Wakefield Research has revealed, with 84% prepared to use their smartphones to pay for small and medium purchases such as a cup of coffee or a pair of jeans.
Half of the 1,000 respondents surveyed are also familiar with mobile technologies such as NFC, but 50% also say they are unlikely to shop in a location that uses in-store tracking technology to provide offers on mobile devices.
Among the advantages of using mobile payments over traditional payment methods, speed of use ranked first (34%), followed by freedom from carrying a wallet (29%), access to mobile deals (24%), ease in tracking spending (23%) and safety of personal data (18%).
Credit and debit cards remain the primary method of payment for 63% of all survey respondents, however, with 6% favouring alternative payment options such as PayPal and 4% preferring mobile wallet services. Some 54% are also familiar with EMV and, of this group, 39% use credit or debit cards that have EMV chips as their primary or secondary payment method.
“The mobile payment industry is an industry on the cusp with so many components essential to success, such as EMV and Apple Pay, coming into focus for the first time and delivering real value to the end user,” says Verifone SVP Joe Mach.
“This is a classic case of new technologies needing to reach critical mass before consumers come on board,” he added. “Today, in 2015, the pieces are fitting into place — what’s essential now is for the industries driving the mobile payment revolution, from finance to retail to systems providers, to educate consumers on mobile payments’ benefits and easy use.”