A recent survey by Wakefield Research for Verifone revealed new insights on US consumers and mobile payments. The results pointed to an issue that may have been overlooked by many businesses and institutions: consumer education.
Joe Mach, senior vice president and general manager of vertical solutions at Verifone, said, “Today, in 2015, the pieces are fitting into place – what’s essential now is for the industries driving the mobile payment revolution, from finance to retail to systems providers, to educate consumers on mobile payment’s benefits and easy use.”
Around 50 percent of the respondents mentioned they were unsure about how payments technology (digital wallets and NFC) works. When it comes to privacy concerns, half felt uneasy with the idea of tracking customers for in-store promotions.
Despite the controversial results surrounding consumer education, many participants still wanted the option of paying through their smartphone. To be exact, 64 percent of respondents aged 40 and younger found mobile payment options in retail stores to be essential.
“This is a classic case of new technologies needing to reach critical mass before consumers come on board,” highlighted Mach.
The study also uncovered the types of purchases participants were inclined to make using their handheld device.
Roughly 84 percent said they were comfortable with small and medium transactions, such as coffee and clothing, while 32 percent expressed the possibility of making large purchases, including televisions and electronics.
In other parts of the world, payments technology awareness is on the rise and is contributing to the expansion of the industry.
According to a survey by Paym, a whopping 66 percent of UK consumers are educated on the basic use of smartphone payment apps. Top 3 mobile purchases indicated by the respondents were food, gas and movie tickets.