Recently some data points came to light that she’d some interesting fact on the realm of mobile payment acceptance. That data very simply points to the fact that consumers are not adopting forms of mobile payment. That’s not good news for Apple Pay or Google Wallet.
The following data was released by 451 Research’s recent ChangeWave Consumer Survey:
- There was little growth in the percentage of consumers likely to make mobile payments between 2013 and 2014, increasing just 2 percentage points from 22% to 24%.
- Secure storage of financial account information is the most important factor to consumers in a mobile payment application, with 84% citing it as critical. Ease of use is the second most important, with 66% citing it as critical, followed by widespread merchant acceptance, with 64% citing it as critical.
- 46% of consumers who say they’re unlikely to use mobile payment applications cite security issues as the primary reason why.
- 32% off all device owners noted Apple Pay’s security and privacy features make them more likely to use it over other mobile payment services, whereas just 3% said these features make them less likely to use it.
- The percentage of consumers who feel mobile payments are more secure than credit cards jumped from 14% to 22% between March and December 2014, while the percentage that feel mobile payments are less secure than credit cards fell from 43% to 28% during the same time frame.
NOTE: The data report and findings are from a survey was fielded between December 9th-31st 2014 and consisted of 4,126 North American consumers.
At the heart of the data is a single, fear-inducing word.
Security.
Read more here.
