Tag: us mobile payments

Consumers are still wary of mobile payments

| March 23, 2015

Report shows that consumers may not be ready to embrace mobile payments at this time

Many consumer still have reservations about mobile payments, according to a new report from Walker Sands. The report shows that mobile payments are becoming more popular, but either out of 10 consumers still have doubts about the sector. Much of this doubt is centered on security. Mobile payments platforms are not typically considered the most secure option when it comes to commerce, which is why consumers, in general, tend to avoid using their mobile devices to pay for products.

Many people prefer cash, but want to make use of a digital payment platform that offers them good features

The report shows that cash remains the most favored way for consumers in the United States to pay for products, but it is on the decline. According to the report, 59% of consumers carry less than $20 on their person. Many consumers noted that they were waiting for a secure mobile payments platform, saying that they would use such a platform if it existed. Approximately 4% of consumers said that they used Apple Pay, though 18% said that the launch of the new platform made them more interested in mobile payments.

Peer-to-peer services are becoming more popular among young consumers

Mobile Payments - consumer uncertaintyThere is also increasing demand for peer-to-peer payment services. The report shows that nearly 50% of those between the ages of 18 and 25 want to use services that allow them to send money to their friends and colleagues. Such services could become more popular if they can offer these consumers a convenient experience.

Loyalty to singular platforms remains quite low among consumers

Notably, consumers have not yet expressed loyalty for a singular mobile payments platform. Instead, consumers are likely to move from one platform to the next in order to find features that they enjoy. While some payment platforms, such as Apple Pay, have managed to acquire a great deal of support, these platforms have not found mainstream success, as consumers are less inclined to use one platform over another for any significant period of time.

Mobile payments service Apple Pay receives support from the US government

| February 18, 2015

Federal government shows strong support for Apple Pay

Apple Pay has gotten a major boost from the U.S. federal government. Apple has announced that its new mobile payments platform has received approval to accept payments for the federal government. The platform will begin accepting these payments in fall. The platform will be able to accept payments for those visiting federal locations, such as national parks, and will also be used for payment cards issued by the federal government.

Apple Pay’s latest victory may provide the service with the momentum it needs to break into new markets

The support from the federal government is a major victory for Apple Pay, which has come to establish a dominating presence in the mobile payments field. The platform is nearly four months old, having launched late last year, and has already managed to capture a significant portion of the mobile payments market. With the backing of the federal government, the platform is expected to continue gaining momentum, which will be needed to break into the payment markets of other countries.

Mobile payments continue to thrive in the United States

Mobile Payments - AppleMobile payments has become quite popular among consumers in the United States. Many see paying with Apple Pay, and similar services, as a more convenient form of commerce. This is because many of these people already use their smartphones and other devices for many things in their daily lives. Mobile payment services have managed to gain strong support from consumers because of their convenient nature.

Biometric technology helps keep Apple Pay secure

Apple Pay is not only convenient for consumers, of course, as it is also quite secure. The service makes use of biometric technology, which uses biological information, such as a finger print, to protect the financial information of its users. Such technology is becoming more important in the mobile payments field, as the market has become a prime target for malicious groups that would exploit the financial information of consumers. The security measures that Apple has incorporated into its payment platform has received praise from the U.S. government.