Payment Methods Significantly Impact Mobile Shopping Decisions

Payment Methods Significantly Impact Mobile Shopping Decisions

November 12, 2019         Written By Lynn Oldshue

When it comes to mobile commerce, consumers know what they want. According to a new study from PayPal and Ipsos, the number one reason why consumer’s abandon mobile purchases is because a store does not offer their preferred payment method.

One in five respondents said they would stop a transaction altogether if they did not see their preferred payment method available. PayPal was the most sought after mobile payment option (53%), followed closely by credit cards (44%).

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Over 78% of global consumers said they had shopped on a smartphone, but only 63% of merchants have services optimized for mobile payments. India reported the strongest amount of mobile optimization, while the United States had the second lowest figure. Only 57% of U.S. business have apps or websites optimized for mobile payments. PayPal says, “If these businesses were to prioritize mobile, it could lead to fewer abandoned carts and sales from 15% more potential customers.”

Cart abandonment is a growing concern for mobile and online sales. This occurs when a customer proceeds to checkout but does not complete a purchase. American Express, Visa, Mastercard and Discover have created a streamlined checkout service called click to pay to reduce cart abandonment in America. Shoppers can experience a uniform, predictable checkout service, regardless of where they make their purchases. Click to pay is rolling out at select retailers later this year, with the hopes of strong expansion in the future.

The information contained within this article was accurate as of November 12, 2019. For up-to-date information on any of the terms, cards or offers mentioned above, visit the issuer's website. Many of the offers on this article are from our affiliate partners, and LowCards.com may be compensated if you take action with any of our affiliate partners.

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lynn-oldshue

About Lynn Oldshue

Lynn Oldshue has written personal finance stories for LowCards.com for twelve years. She majored in public relations at Mississippi State University.