Tag: Bankrate.com

Survey finds that consumers are still not convinced that mobile commerce is the best solution when shopping

The holidays are here and consumers are expected to begin using their mobile devices to get their shopping done. This may not be the case for everyone, however, according to a new survey from Bankrate.com. The survey found that while consumers are interested in the concept of mobile commerce, they are not necessarily interested in using their smartphones and tablets to complete a purchase. Some have reported that they are not convinced that mobile payments apps are able to keep their information secure enough to feel comfortable with making a purchase.

14% of US consumers expected to use mobile payments apps

The survey from Bankrate.com has found that only 14% of consumers in the United States said that they will be using mobile wallets to make payments during the holiday season. Of those avoiding mobile payments, 36% reported that they are not comfortable with the level of security that can be found in the mobile commerce space. Security has been a problem for this market for some time, with many consumers reporting concerns regarding the safety of their financial information. Another 31% said that other payment methods were simply more convenient than what mobile commerce has to offer.

Consumers likely to continue using their mobile devices to conduct research on products

Consumers do remain interested in mobile commerce despite their security concerns, of course. Many are likely to use their mobile devices to research products before they make a purchase. This allows shoppers to find better deals or take advantage of special offers coming from certain retailers. When it comes to actually making a purchase, however, the survey from Bankrate.com found that the majority of shoppers prefer to pay with cash, with approximately 30% of consumers preferring to pay with their debit cards.

Retailers could see success by engaging mobile consumers with secure and convenient services

Over the past few years, the mobile commerce market has experience strong growth on the back of the holiday shopping season. This year, retailers are expected to see similar results, especially if they have begun growing more mobile-centric over the past several months. They will, of course, have to ensure that consumer information is kept secure if they want to find any success in the mobile commerce field.

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.