Apple unveiled their forray into the already crowded mobile payments space earlier this month and it seems to have the whole industry talking about how Apple Pay and all of the other mobile payment ventures are integrating not only payments, but gift cards and gifting into consumer shopping experiences and retailers' POS. Here's the one component of mobile payments no one is talking about yet: will consumers adapt? A new study by Princeton reveals important information about how consumers feel about mobile payments. Without consumer adopting, it won't matter how many companies invest in the space or who has the best option.
- 4% of consumers said they would be open to using their phone to make payments all of the time.
- Less than 10% of consumers said they would be open to using their phone to pay some of the time.
- 44% of consumers indicated that they would never be comfortable using their phone to make payments.
Apply Pay should be a good experiment to see if these "epayments" will catch on with their loyal fans. However, the mobile payments industry needs to take a step back and make sure the product is being used by consumers in the marketplace.
For more information on mobile payments adoption head over to PYMNTS.com.
