What the National Retail Federation Thinks About Mobile Payments

January 13, 2016         By: Steven Anderson

Next week will be a huge week for retailing, as the National Retail Federation’s NRF Convention and Expo event hits the Jacob K. Javits Center in New York City, bringing with it retailers from around the globe.

Networking, information, and product exhibitions aplenty will likely hit, and one key point in particular will be on a lot of minds: what does the future of mobile payments look like?

One of the first big things was the realization that mobile payments was about to go mainstream, and in a big way. Awareness was set to hit a tipping point; while usage was down just a bit over last year, more and more outlets are bringing mobile payments to the table, including restaurants, convenience stores, and larger retailers.

Those who want to see more mobile payments use can benefit from offering rewards; 78 percent of users would turn to mobile payments more frequently if rewards were offered, and 53 percent of non-users would make the jump to user under similar circumstances.

The total numbers of options are also in play, and with these options come new connections to the Internet of Things. Where devices of all stripes, from household alarms to refrigerators to beacons in stores, new payment options become available as well.

Finally, there’s even growing room for personal mobile payments; with mobile payments increasingly available on a peer-to-peer basis, that means a substantial new change and a whole new use case, one that may drive future use accordingly.

That’s a lot to digest, but in the end, it basically means that users are set to have many more options when it comes to mobile payments, and many more ways to put these options to work. That’s good news for mobile payments in general, and it never hurts to have a few more options on hand.

It still doesn’t help some of the biggest problems involved in the mobile payments sector, like security and privacy, but the good news here is that people are becoming increasingly convinced there’s a good thing going as far as mobile payments goes.

There’s no shortage of options when it comes to mobile payments, and with more users convinced that this is the way to shop, we’ll likely only see more options to follow as more users take an interest.