Tag: Apple Pay

Mobile payments is growing slowly among consumers

| February 5, 2015

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

Mobile Payments- Slow among consumersThe 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.

Apple may be winning the mobile payments battle

| February 3, 2015

Apple Pay continues to gain momentum among consumers and businesses alike

Apple may be winning the war of mobile wallets. The company launched its new Apple Pay service three months ago and has already managed to make a significant impact on the mobile payments space. Apple has managed to beat other services in terms of mobile payments volume, despite these services having been around longer. Apple Pay has found success because of numerous reasons, one of which has to do with how secure the service is.

Apple Pay may be the most secure mobile payments solution currently available

Security has become a major issue in the digital world. Recent data breaches that have struck companies like Target and Sony have highlighted the dangers that exist in the online space. Mobile payments are also at risk, because services like Apple Pay deal in trafficking financial information. As such, malicious groups have taken interest in mobile platforms, seeking ways to take advantage of consumer information. Apple Pay has managed to offer a secure solution for those that are interested in mobile payments.

Biometric technology helps Apple protect consumer information from exploitation

Mobile Payments - Apple iPhone 6Apple Pay has become one of the most secure mobile platforms currently available. The service makes use of biometric technology, which allows transactions to be authorized using a fingerprint. This has fostered more confidence among consumers and has helped Apple Pay gain more favor. Though the service is considered very secure, there are some issues that have slowed its adoption among consumers.

Limited support for cards and banks counts as a detractor for Apple Pay

Apple Pay supports a limited number of card types and banks, which makes it impossible to use for some people. Corporate cards are also not supported, which limits the service’s appeal to enterprise customers. The service is still quite young, so Apple may choose to add more support for various card types in the future. Currently, however, this limited support serves as a detractor when compared to other mobile payments services that are available from companies like Google and PayPal.