Worldpay: Shoppers Brace for Much More Mobile Payments Use
It’s easy to look at the mobile payments market and wonder if any kind of headway will be made here. There are so many alternatives that are already entrenched and widely used. Yet, according to a recent Worldpay report, more customers may be finding a reason to put mobile payments to work as a clear majority expects to start using such systems within the next five years.
That’s the centerpiece of the “2018 Consumer Behavior and Payments Report” from Worldpay, which noted that 63 percent of respondents believed their mobile devices would ultimately replace physical credit or debit cards as their primary payment method within five years. The exact same number—though not necessarily the same consumers—believed that checkout-free stores would actually be better to shop, whether because the experience is more engaging or more desirable overall.
Since this study focuses on the UK, however, it’s worth noting that mobile payments already have a pretty deep inroad carved into the country’s shopping zeitgeist. It also demonstrates how important it is for businesses of all stripes to be ready for such a move, as those who aren’t may find themselves lagging those who are.
Mobile is a big part of shopping all over, especially in the UK, but sometimes for different reasons. For instance, 73 percent of shoppers will price-shop in a store using a mobile device to try and find a deal. Customers are certainly interested in paying with mobile devices—younger respondents even more so—but security worries still cling to the mobile payments user, with 62 percent of customers still concerned about device security and mobile payments.
This demonstrates that businesses need to be ready, and that mobile payments providers still have work to do. With 62 percent still concerned about security, mobile payments providers need to be proactive in terms of providing security. Showing off new tools might help, or even offering Lifelock-style response to those whose security is compromised. Imagine how many would turn to Apple Pay or the like if it promised identity theft protection as part of the service!
Just one idea, though; there are ways to pull users into the market, and the Worldpay study proves the interest is there. Only time will tell if it can maintain that interest going forward.