Tag: mobile payments us

In-store mobile payments are booming in the US

| December 16, 2015

More consumers are using their mobile devices to make purchases in physical stores

In-store mobile payments are becoming more common in the United States, according to a new report from Deloitte. The report shows that more consumers are beginning to use their smartphones in stores, taking advantage of the mobile payments systems that retailers have in place. Retailers have been reporting an increase in mobile traffic in their digital channels, but more merchants are beginning to see consumers making payments with their smartphones and other devices in physical stores.

Report shows that in-store mobile transactions have grown by 18% in 2015

According to the report from Deloitte, the use of mobile payments in physical stores has grown by 18% this year. The report shows that 3% of shoppers are making in-store mobile payments every day, with 5% doing so every week. The most popular use of mobile payments among these consumers was for public parking. Consumers are also using their mobile devices to make purchases at gas stations, coffee shops, and fast food restaurants. Consumers between the ages of 25 and 34 are the leading demographic in the mobile payments sector.

Consumers still have significant security concerns regarding mobile payments

Mobile Payments - In StoreThough consumers are beginning to show more support for mobile payments, they also have significant security concerns. The report shows that these concerns are the leading reason many people do not make mobile transactions. Approximately 49% of consumers place their trust in banks and other financial institutions for the provision of the payment services they use. Companies involved in the mobile commerce space have taken note of the security concerns that consumers have, with many introducing new technology to ensure the safety of consumer information.

Retailers are embracing mobile payments in order to engage consumers

Deloitte has noted that mobile devices are becoming much more than communication tools. More consumers are beginning to rely heavily on their smartphones and tablets for commerce. With more consumers entering into the mobile commerce space, retailers are expected to show more support for mobile payments system, ensuring that they have the ability to engage mobile consumers.

Mobile payments gain momentum in the US

| November 4, 2013

Smartphone users in the US adore mobile payments

The Credit Union National Association has released the results of a new survey that show mobile payments are gaining ground in the U.S. Mobile payments have been growing more popular among consumers for the past few years, but exactly how popular this new form of commerce has become is an oft debated topic. Many people favor the convenience associated with mobile payments, but have concerns regarding the safety of their financial information. The new survey aims to shed some light on the issue.

More than half of smartphone users participate in mobile commerce

According to the survey, more than half of smartphone users in the U.S. have made mobile payments. The survey defines mobile payments as any transaction made with a mobile device and shows that the majority of people making mobile payments praise the convenience of being able to purchase products from their smartphones. The majority of those making mobile payments spend more than $30 on average per purchase, suggesting that people are more willing to spend money when participating in mobile commerce.

U.S. Mobile Commerce on the riseSecurity remains a top concern for many consumers

Security remains a major concern for those interested in mobile payments. Some 77% of respondents claimed that the security of their financial information was a top priority. Security concerns often determine whether a person will make a mobile payment or not and the survey suggests that most consumers tend to be cautions when it comes to spending money through a mobile device.

Consumers expected to grow more interested in mobile payments over time

Despite the concerns surrounding mobile commerce security, more consumers are showing an interest in shopping online. The availability of mobile Internet access has made it easier for consumers to shop online using the smartphones and tablets, thereby exposing them to mobile commerce initiatives coming from retailers and other businesses. Consumers are expected to continue growing more fond of mobile payments as better services become available to them, especially if these services can help placate fears regarding security.