Do you use your phone to pay for purchases at a retailer? 40% of consumers in North America do. Mobile payments are taking off and why not? It’s easy for the consumer and another way for business retailers to make things easier for their customers.
Mobile Payments for Convenience
Before mobile payments, consumers could shop, compare prices and make a decision about a product, all using their mobile devices, but payment still had to be done in a much more traditional manner. Now, that’s changed.
Most people are all about making their lives more convenient and mobile payments do just that. Accenture conducted a survey in August that studied the payment behavior of 4,000 people. The respondents were equally men and women, and also were comprised of 3,400 Americans and 500 Canadians.
What the Survey Found
The survey found a few interesting things. First, they study found that by 2020, mobile payment use is expected to increase 10 percentage points while cash transactions fall 12 percentage points. So who will be the ones using it? Millennials and high-income consumers (meaning households with an income of at least $150,000) are the highest demographic using it already. 52% of Millennials and 55% of high-income consumers currently do so. 13% of Millennials and 19% of high-income respondents use their mobile devices to make a payment at least weekly. 26% of Millennials and 32% of high-income consumers expect to do so by 2020.
Why Not Mobile Payments
What the survey also found was that among the 60% who don’t use mobile payments, 57% said they don’t because security concerns stopped them and 45% said privacy concerns stopped them. 38% said if they had more information they would consider using mobile payments.
The Coming Thing
Mobile payments are the coming thing, and once the concerns of those who don’t use them are addressed, it will become the norm in paying for products and services. It makes sense, and cents for retailers. Encouraging your customers to get on board will be a great way to increase your business.
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