Tag: Bain & Co.

UK consumers may be avoiding mobile payments

| June 6, 2014

Recent study finds that UK consumers are not sold on the idea of mobile commerce

Despite the fact that more businesses are beginning to enter the mobile commerce space, consumers in the United Kingdom may not be following suit. A recent study from eMarketer shows that many consumers are still not convinced that mobile payments are viable or convenient. A similar report from Bain & Co. found that only 3% of UK Internet users had used their mobile devices to pay for goods and services in February of 2014.

Mobile commerce remains an uncomfortable subject for many people

Mobile commerce is often praised for its convenient nature, but it also receives some harsh criticism because of the security issues that exist within the mobile space. Companies participating in mobile commerce have, to some degree, been the reason for this criticism. Some companies have tried to bring their own mobile payments platforms to the commercial market, but many of these platforms have been poorly designed and were crippled by serious security faults. Poor experiences have left many people with a sour opinion of mobile commerce, which is quickly becoming something that they want to avoid.

Consumer awareness of mobile services and payments is not lacking

UK Mobile Payments - Consumers lack interestThe study found that awareness is not a problem when it comes to mobile payments. Approximately 55% of consumers are aware of the mobile commerce services that are available to them, but few of these people are willing to participate in mobile commerce, favoring instead their credit cards and other traditional forms of commerce. Consumers also seem to be quite leery of the mobile commerce services that are available to them, especially those that involve the use of digital currency.

UK businesses must solve mobile security problems before consumers embrace mobile commerce

UK businesses have high hopes for mobile commerce, but whether these hopes will ever be actualized is difficult to say for sure. Currently, security is one of the most significant issues that the mobile commerce space is facing. If security issues cannot be resolved, consumers are unlikely to ever become supportive of mobile commerce.

Survey sheds light on consumer behavior concerning mobile payments

| March 14, 2014

Survey shows that consumers are showing strong interest in mobile commerce but remain concerned regarding security

Bain & Company, a global management consulting firm, has released the results of a new survey that focuses on mobile commerce. Throughout the world, mobile shopping and payments have become quite popular among consumers. These people tend to be quite reliant on their mobile devices, using smartphones and tablets quite frequently in their daily life. The survey from Bain & Co. accounts for 25,000 respondents across five countries and aims to shed light on how their view mobile commerce as it exists today.

Consumers show they are somewhat unwilling to make mobile purchases in a physical store

According to the survey, more than half of respondents noted that they were aware of mobile payments. This awareness is highest in Western Europe, where 70% of respondents noted that they knew what mobile payments were and how to make a payment from a smartphone or tablet. While awareness is high, only a quarter of respondents to the survey said that they were willing to make mobile payments in stores. Online payments were considered more attractive and many respondents suggested that paying online from a mobile device was more secure than using a device in a physical store.

Security concerns prevent many people from participating in mobile commerce

Mobile Commerce Survey - Mobile PaymentsSecurity is one of the most significant challenges that face the widespread adoption of mobile commerce today. Many consumers are worried that by participating in mobile commerce their financial information will be exposed to exploitation. While consumers are concerned for the security of their financial information, the survey shows that as much as 27% of respondents were willing to make a mobile payment in-store.

High profile crimes keep people wary of mobile commerce  and shopping in general

Mobile commerce is becoming more accessible, but ongoing concerns regarding security are likely to inhibit widespread adoption for some time. Some of the security concerns that consumers have are somewhat misguided. These concerns are, however, augmented by recent spates of high profile data theft and hacking. Such events tend to spark serious doubt on mobile initiatives.