News by Topic
- Search Marketing
- Email Marketing
- Loyalty Marketing
- Mobile Marketing
- Social Marketing
- Viral Marketing
- Trends & Ideas
- Internet Marketing 101
Privacy and security barriers to mobile payment use
Mobile penetration in the US and Europe continues to rise, but consumers remain skeptical about using their mobile device as a means of replacing cash and credit cards, according to new research released by management consultants Bain & Co.
In a survey of 25,000 US and European consumers for their "The Consumer View of Mobile Payments" report, Bain & Co confirms what other studies have already shown - mobile payments are yet to catch on.
While awareness of mobile payments options is rising - over half of all respondents and 70% of Europeans were aware - only 25% overall said they would be willing to use their device in-store to pay for items.
Forty percent of all respondents said they simply saw no need to change their current methods of making payments. However, the majority (80%) said privacy and security concerns did not yet out-weighing the convenience of mobile payments.
The report did show some willingness to try out mobile payments. While only 3-7% of the 25,000 consumers, varying by country, said they have previously used mobile payments in stores, 16-27% said that they are willing to try.
"The case for mobile payments has been a long time in the making, but still remains unconvincing for many consumers," says Stephen Bertrand, lead author of the report. "But our study of 25,000 consumers shows that the size of the prize is substantial for those banks, retailers and other digital wallet providers able to create customized value propositions for the growing number of people signaling their willingness to shop on their mobile devices."
Recent research released by the Yankee Group found that, despite 67% of Americans now owning a smartphone just 16% had used one to make a payment in-store. Even among those that are using a mobile wallet few are using them on a regular basis.
Image via Shutterstock
- Marketers say their role is to collect, not analyze, customer data
- Two-thirds of US, UK consumers worried about how brands use personal data
- Study: Marketers overwhelmed with data
- Top 3 tips for a more earth friendly marketing campaign
- Local Brands: Why SEO needs an upgrade
- Ad Roundup: Releases for content monetization
- In ecommerce, personalization missing the mark
- Product imagery on retailers' mobile sites lags desktop versions
Featured White Papers
- Learn Why 83% of Advertisers Are Reporting Superior Outcomes With People-Based Ads
Traditional digital display advertising doesn't work. The information in this report is based on an online survey of 350 senior...
- 2016 Email Marketing Metrics Benchmark Study
To build a world-class marketing program, it's crucial to compare yourself to the best performers - but competitor data can...
- 10 Ways to Use Customer Lifetime Value to Reinvent Your Marketing Strategy
CLV insights can help you to attract high-margin customers, target clusters of customers with untapped value, and retain high-value customers...
- 16 Innovative Loyalty Programs of 2016
Engaging customers in a loyalty program is no easy feat. Read how 16 brands grabbed headlines in 2016 by launching...