Category: Mobile Payments

A recent Bankrate.com survey has shown that mobile wallet apps still won’t go mainstream this year.

The results of a survey conducted by Bankrate.com have now been released and have revealed that, for the most part, adults in the United States don’t plan to use mobile payments in order to pay for their holiday shopping purchases.

In fact, the research showed that only 14 percent of U.S. adults said they’d use a mobile wallet this holiday season.

Among the reasons the Bankrate.com survey found were standing in the way of the use of mobile payments by American consumers, there was one that stood out the most. Many shoppers simply don’t feel that using Android Pay, Apple Pay, Samsung Pay and other mobile wallets is safe. In fact, 36 percent of the participants in the survey said they were worried about the security of these mobile apps. The survey involved the participation of one thousand adults in the United States.

Aside from security, another concern people had about mobile payments was about convenience.

Another 31 percent of the survey’s respondents said that they felt that other types of payment method would be more convenient for them to use than mobile wallets.

While Apple Pay, the mobile wallet from the iPhone maker, saw a great deal of media attention when it first debuted in the United States, last year, it hasn’t seem to have taken on a very powerful charge as many had expected. Some had predicted that Apple would pave the way for smartphone based payments as a whole. However, none of the wallet apps have really caught on with mainstream consumers.

The data from this survey only further underscored the great distance that this mobile technology has ahead of it before it can be considered to be a major part of the transaction industry in the country.

Still, as much as mobile payments may not be here yet, it is still expected that they will one day play an integral role in the American retail transaction system experience and that this day will not be long off. The shakeup has already begun as many retailers update the point of sale tech.

The smartphone and consumer electronics manufacturer has now entered into the rapidly growing market.

In a market already rapidly filling up with Apple Pay, Android Pay and other large names of mobile payments options, LG has now unveiled its own option after having partnering with South Korean credit card companies KB Kookmin Card and Shinhan Card.

The companies have worked together to create a smartphone based payment system that will first launche in South Korea.

While the mobile payments service will be available exclusively in South Korea at its initial launch, it is unclear as to whether or not the service will move to an international market. At the moment, no date has been set for taking that kind of step outside the country.

There are currently many different types of technologies being used in order to complete payment transactions through the use of mobile devices. The two giants, Apple Pay and Android Pay, have both based their services on near field communication (NFC technology). At the same time, Samsung is using magnetic secure transmission (MST) that is comparable to the magnetic strip on a credit card.

LG mobile payments have not yet announced the type of technology that it will be using to complete transactions.

A growing number of retailers are starting to update their point of sale terminals in order to be more compatible with some of the top technologies being used for payments through mobile devices. It is likely that LG will choose a more established technology in order to ensure that it will be able to be compatible with the point of sale devices that are already in place now that its predecessors have paved the way for the use of mobile technology at the checkout counter.

The mobile payments space is one that has seen considerable controversy over the last few years as many believe in it, while others feel that it will never take off in the mainstream. A new study conducted by Research Now indicated that 51 percent of consumers would prefer to use a wallet app issued by their own financial institution as opposed to a third party such as Apple Pay, Android Pay or LG Pay. The next years will clearly be defining within this sector of the tech market.