Our last few posts have dealt with the next phase of mobile interaction. The latest reports show us that some consumer segments are using mobile devices to make point of sale payments and the types of items that are most likely purchase via mobile wallet. While consumers rely on mobile devices for ever increasing functions, point of sale payments is one that hasn’t caught on en masse. Today we’ll look what, in the consumer’s mind, is keeping them from moving toward mobile payments and what you can do to encourage it.
● 46% of consumers who won’t use a mobile wallet because of security concerns- Security of mobile payments
● Nearly 40% believe that it’s easier to pay with credit cards, cash or debit cards
● Almost one-third never even thought about using their mobile device to make payments
● 18% do not see a benefit in using a mobile wallet
● Less than 10% site either not having the necessary features on their phone or think it would take up to much time to set up
What This Means To You
Corporate security breaches have made many consumers weary of the security of their data. There is also a fear that if they lose their phone, their banking information is at peril. But, once more people start using mobile payments those fears will most likely subside.
As a business, you may not be able to affect consumers view on security, but you can prove it’s value.
One of the main reasons behind mobile taking over so many functions that were reserved for desktops and laptops is convenience. Using a mobile device saves consumers time. The information they need and the actions they need to take are in the palm of their hand. Consumers are conditioned to never be far from their mobile device.
Show how mobile payments can make checking out easier – tap and go, scan and go, click and go. One of consumers’ biggest pet peeves is waiting in line. Show how paying with their mobile device can get them out of your store faster. You also need to promote the fact they can pay with a mobile device. One in three consumers never even though about paying at the register with a mobile device. Not all of them will, but knowing they have the option could make them more amenable in the future. To get consumers to set it up and possibly download an app, you may need to incentivize the behavior. Mobile payments can make it easier on your accounting, register security and be an added convenience to shopping to people who shop at your location. In today’s businesses environment, you need to take advantage of every opportunity to separate yourself from the competition. For more information on how mobile can give your organization a competitive advantage, please contact: