Tuesday, March 26, 2013
Analysts weigh in on mobile payments
Researchers recently have predicted exponential growth in global adoption of mobile payments, but opinions vary on when this trend will become widespread. Factors perceived to be slowing mobile payment adoption are related to data security, convenience and lack of clearly defined market leaders.
Following are highlights from reports sizing up mobile payments in these critical areas.
Security: Consumer authentication preferences Rated 1 to 10 (low/high)
Activate mobile payment apps using:
- Username, password and authentication code: 5.6
- Username, password and e-mail verification code: 5.2
- Username and password alone: 4.7
Checkout via mobile payment apps using:
- Username, password and PIN: 5.3
- Username, password and memorable word: 5.2
- Username and password alone: 4.6
Source: Auriemma Consulting Group, The Mobile Payments Report
Convenience: Consumer mobile payment status report
- Will make an urgent payment via mobile device within 6 months: 14 percent
- Will increase use of mobile phones as a payment channel in 2013: 12 percent
- Currently use mobile phones to make bill payments: 2 percent
Source: The Western Union Co., Western Union Payments Money Mindset Index, conducted by Javelin Strategy & Research
Leadership: Anticipated mobile payment frontrunners
- Banks: 29 percent
- Online payment scheme: 28 percent
- Credit cards: 26 percent
- Consortium of operators: 26 percent
Source: SAP AG, GSMA Mobile Congress third annual survey
Editorial Note:
Whether you want to upgrade your POS offerings, find a payment gateway partner, bone up on fintech regs or PCI requirements, find an upcoming trade show, read about faster payments, or discover the latest innovations in merchant acquiring, The Green Sheet is the resource for you. Since 1983, we've helped empower and connect payments professionals, starting with the merchant level salespeople who bring tailored payment acceptance and digital commerce tools, along with a host of other business services to merchants across the globe. The Green Sheet Inc. is also a proud affiliate of Bankcard Life, a premier community that provides industry-leading training and resources for payment professionals.
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