Will Mobile Payments Ever Become the Favorite Payment Method for Consumers?
In a recent op-ed published on Forbes.com, Melody Callaway of NTT DATA shared some insight on How to Make Mobile Payments the Favorite Option for Consumers. According to NTT Data, 48% of consumers are interested in mobile payments like Apple Pay or Android Pay. But consumer hesitation is blocking these payment methods from mass adoption.
The article continues to list some factors that could push the needle with regards to adoption. According to Callaway, a clearer message may be all that is needed. Citing personal experience with over 50 mobile transactions, education is the main thing consumers need. Consumers need to know how easy it is, how convenient it is, how it doesn’t complicate the transaction, how it doesn’t hold up any queues, and how secure it is.
The article also provides some tips for retailers, financial institutions and other ecosystem agents to employ to help consumer adoption: (1) Make mobile payment acceptance readily known and easy to find; and (2) actually start accepting widely-used/distributed forms of mobile payments like Apple Pay or Android Pay.
It’s a great article and we couldn’t agree more. We here at iMobile3 are in the business of integrating mobile payments and developing mobile commerce applications for our clients, so we are a bit brainwashed on this topic. But from one group of consumers to another, it’s extremely easy, efficient and secure to pay with a mobile wallet.
Do we ever think that mobile payments will become the favorite payment method of consumers? We think it will depend on the transaction, to be honest. But there are certain verticals where some forms of mobile payments are already the best. Think of online ordering through a mobile app or order ahead functions where a payment is made when the order is placed. Think of paying rent through a P2P app (Venmo or PayPal) or through a banking mobile app where you can transfer funds. Mobile payments serve a pivotal role in these environments, but we may need to wait a bit until we start seeing that type of popularity at the checkout counter.