Mobile Payments Wait For Consumers; 59% Not Interested 

mobile-payment-shutterstock-188-5_ngT9f4mThere is a lot of money moving because of mobile — but not all of it is where it was expected.Only 21% of consumers who use the Internet expect to move to try mobile payments, according to a survey by Citi Cards.In addition, a majority (59%) said they were very unlikely to start using a mobile payment app.Other studies have shown that many shoppers would be just fine using their phones to pay in a store, and eMarketer estimates that location-based mobile payments in the U.S. will ramp up aggressively this year.It is estimated that transaction value will triple this year due to a growing user base, broader merchant acceptance and the increasing frequency of consumers using their phones to make point-of-sale purchases on more expensive products.So there may not be a lot more people, but there will be a lot more money flowing through mobile. One of the drivers of mobile payments should have been the shift to credit cards with chips, finally launched into the U.S. market late last year.More than 70% of credit cards (94% of American Express cards) now contain the EMV chips, according to CardFlight, a mobile technology company involved with point of sales.Any consumers who have to insert their cards into payment terminals have to recognize that the time the card is required to sit in the machine is a lot longer than the old credit card swipe. While slower than a credit card swipe, mobile payments can be a lot faster than waiting for a card chip to be read in a point-of-sale terminal.

Source: Mobile Payments Wait For Consumers; 59% Not Interested 08/18/2016

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