Three trends are driving the increase in mobile payments: growth in eCommerce shopping, a saturated smartphone market, and market maturity/familiarity with mobile. Resulting in 4 obstacles & 4 opportunities:
Obstacles:
- barely half of POS terminals are enabled for mobile payments, still
- consumers are frightened over smartphone security consumers
- ingrained habitual use of plastic
- no incentives & rewards to change habits
Opportunities:
- Fulfills shoppers on-demand & speed preferences
- Additional sales channel beyond physical & online
- Integrated features drive customer loyalty & sales
- Flexibility of integrating multiple payment forms
Data for this episode of Truth In Data provided by Mercator Advisory Group’s report – U.S. Mobile Payments Market Forecast, 2016–2025: Merchants Grow as Mobile Goes Mainstream
