Users Want More Security Before They Switch to Mobile Payments

Users Want More Security Before They Switch to Mobile Payments

October 21, 2015         Written By Lynn Oldshue

Awareness and knowledge about mobile payments are increasing rapidly but usage is relatively stagnant, according to Accenture’s 2015 North America Consumer Digital Payments Survey.

Accenture surveyed 4,000 smartphone users in the United States and Canada, and found knowledge about mobile payments jumped to 52%, a substantial increase from 42% a year ago. But only 18% of consumers in North America are using mobile payments, only a 1% increase from the previous year.

Millennials and high-income consumers are adopting mobile payments more quickly than other groups. 38% of those who make at least $150,000 a year are using mobile payments each week. 23% of Millennials, people between the ages of 18 and 34, are using this payment type at least once a week. For other age groups, the rate is only 18%.

”Though it’s clear that consumers are aware that they can make payments through their phones, continued use of existing payment methods–such as credit cards and cash–and slow retail adoption of modern card readers have caused usage levels to remain stagnant over the last year,” said Robert Flynn, managing director for Accenture Payment Services in North America.

To increase mobile payment adoption rates, the survey found that consumers wanted better security, incentives and rewards. Nearly 80% of those already using mobile payments said they would increase their usage if they were offered discounts or reward points. For those not making mobile payments, 54% said they would start if they were given a coupon or an incentive.

Currently, Apple Pay accounts for 68% of all mobile payments in U.S. stores.

The information contained within this article was accurate as of October 21, 2015. 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 may be compensated if you take action with any of our affiliate partners.


About Lynn Oldshue

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