Cayan data revealed that Americans didn’t turn to their smartphones to complete transactions very much.
Transaction processing firm Cayan showed that in store mobile payments in the United States were low on Black Friday. Fortune Magazine reported on the data and indicated that even though mobile wallet use is rising, it is still tiny. That payment method represents only a very small percentage of the overall total.
In fact, the mobile wallet use in store on Black Friday made up only 0.6 percent of sales.
The Cayan in store mobile payments data suggests a 100 percent year over year usage increase. However, it still shows that the percentage it represents of the total is only just a fragment above being entirely insignificant. The only reason that percentage meant anything at all was because the total sales on all payment methods on Black Friday was such a large figure.
Despite that fact, this makes it very clear that mobile payment adoption remains an exceptionally slow process. It is far from being mainstream as of yet.
Other data has shown that some in store mobile payment methods are more successful than other.
PYMNTS and InfoScout data showed that the use of the Apple Pay mobile wallet is actually declining in popularity. Their data revealed that over the last year, the growth rate for usage has slowed down.
Data from October 2016 showed that only 23 percent of consumers with an appropriate iPhone had actually tried the mobile wallet. That was essentially the same statistic that was recorded back in March 2016.
Moreover, mobile wallet use while in-store has not been doing much better. It has not been keeping up with the rate of growth of m-commerce as a whole. Still, even though there is a low conversion rate, PayPal recorded some strong figures over the holiday weekend that launched the shopping season. About 1 in 3 online purchases using PayPal were made over mobile.
Similarly, Adobe recorded that 45 percent of traffic to retail sites came from smartphones and 25 percent of e-commerce sales were from mobile devices. This suggests that customers are using their smartphones, they simply aren’t using in store mobile payments quite yet.
Denny is a graduate of the California State University of Northridge where he majored in Journalism and American History. Denny writes for Mobile Commerce Press on a part time basis while also working on his own ebook, The Only Mobile Marketer Left Standing. We've been told this title may change at least a hundred times before or even after publishing.