Tag: Apple Pay

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.

Survey highlights the growth of Apple’s mobile payments service

| March 16, 2015

Apple Pay is gaining momentum among iOS users

Baird Equity Research has released the results of a new survey concerning iPhone users and Apple Pay. Apple’s mobile payments service was released in October of last year and has managed to find significant momentum despite the short period of time it has been available for. The service can be used on both the iPhone 6 and iPhone 6 Plus, but it is not available for other iOS devices at this time. Apple Pay is expected to be compatible with a smartwatch that Apple is planning to release at some point in the future.

PayPal leads in mobile payments, but Apple Pay accounts for 6% of all in-store mobile transactions

According to the survey, 40% of online consumers made an in-store purchase with a mobile device. PayPal was the most preferred application among this consumers, with Google Wallet accounting for 11% of these transactions. Apple Pay only accounts for 6% of in-store mobile payments, but a significant portion of iOS users currently use the platform regularly. Approximately 40% of iPhone 6 users  make use of Apple Pay to purchase products in physical stores as well as online.

Apple Pay is beginning to become more popular among retailers

Mobile Payments Survey - highlights growthThough PayPal remains the leading entity in mobile payments, Apple Pay is expected to catch up quickly. The service has the support of several major retailers, many of whom want to engage mobile consumers more effectively. These retailers partnered with Apple for the launch of the mobile payments service and have begun to find significant success in the mobile space as a result. As more retailers show support for Apple Pay, the service may begin to play a larger role in the overall mobile payments space.

Young consumers are more likely to participate in mobile payments

Notably, young consumers, between the ages of 18 and 24, are the most likely to make in-store mobile payments. Such transactions had the highest frequency among this demographic, according to the survey from Baird Equity Research. The survey notes that these consumers tend to make a mobile transaction in a physical store as many as four times per month.