Unfamiliarity with payment platforms is slowing the adoption of mobile commerce
Wakefield Research has released a new survey that it has conducted on behalf of Verifone. The survey is focused on the mobile payments space, which has been experiencing a period of aggressive growth over the past year. Many people have shown interest in mobile payments, but the survey suggests that the actual adoption of new payment services is somewhat slow. People appear to be unfamiliar with these payment services, which place them somewhat outside the realm of mobile commerce.
50% of consumers report that they are unfamiliar with mobile payment services
According to the survey, some 50% of consumers polled noted that were unfamiliar with mobile payments. Many claimed that they did not know about services like Apple Pay or how these services work. Mobile wallets were a relatively unheard of platform among these consumers as well, suggesting that their familiarity with other payment services was quite low. Those that were aware of mobile payment services, however, noted that Google Wallet was their preferred platform.
Lack of mobile payment support among retailers is slowing adoption
The survey also shows that those that are interested in mobile payments are still restricted in actually making transactions from their mobile devices. While there are many opportunities to shop and pay for products online from a mobile device, making mobile payments in physical stores is relatively rare. Many retailers lack the point-of-sale terminals they need to accept mobile transactions, which limits the capabilities of mobile consumers.
Consumers may become more involved in the mobile commerce space in the coming years
A recent survey conducted by Lightspeed Research suggests that unfamiliarity with mobile payments may diminish over the coming years. The survey noted that 42% of people made a mobile transaction at some point in 2014, up from the 17% of people that did so in 2012. A report from eMarketer suggests that 25% of smartphone users will make a mobile payment by 2018. As consumers become more familiar with payment platforms, they are likely to begin participating in mobile commerce more frequently.
VeriFone and National Payment Card Association introduce new mobile payments solution
VeriFone, a global payments processor and service provider, and the National Payment Card Association have launched a new service designed to enable convenient store owners and petroleum retailers the ability to support mobile payments. As consumers become more focused on mobile technology, businesses are beginning to feel the need to adapt to the changing interests that consumers have. Mobile commerce is something that many people have been paying more attention to in recent years, and retailers have been working to accommodate consumers that are interested in mobile payments.
Solution targets convenience stores and fuel retailers
The new service utilizes VeriFone’s Smart Fuel Controller technology as well as a mobile payments solution developed by the National Payment Card Association. Using the new payment system, consumers can pay for gas and items from a convenience store with their mobile devices. The new service is also equipped with a reward program that can offer consumers discounts and other such benefits for their loyal patronage. VeriFone notes that consumers have been showing particular interest in rewards programs and these programs may be especially engaging for those that fuel their vehicles on a regular basis.
Mobile commerce continues to gain attention
Mobile commerce has managed to gain significant traction among consumers and businesses alike, but mobile payments are still in a state of infancy when compared to more traditional forms of commerce. Businesses and consumers are still working to learn the various aspects that exist within the mobile commerce field. The learning experience has been somewhat turbulent at times, with some businesses failing to attract the support of consumers with their mobile commerce platforms and security threats stopping people from making mobile payments regularly.
Companies have high hopes for mobile payments service
VeriFone has high hopes for its new mobile payments venture. Convenience stores and petroleum retailers are frequently visited by a wide range of consumers on a daily basis. Providing these people with a way to make purchases using their mobile devices is expected to attract a great deal of attention and support for those that have a strong interest in convenient services.
