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What is it that’s holding consumers back from using mobile payments?

According to the study of NTT DATA, 48% of American consumers are interested in mobile payments but there seems to be some hesitation in using the tool.

The reasons mentioned are :

  • The lack of coupon/rewards proposed by retailers to be stored/used in mobile wallets. Contact us for a demo to understand how your brand can leverage mobile wallets to boost your loyalty scheme.
  • Consumers have security concerns about mobile payments.

However as the author mentions it, once you have payed with your phone, you will not want to go back to your credit card.

Here are some tips that retailers and financial institutions should adopt to boost #mobilepayments

  • If you are a retailer, don't be shy to use the stickers of Apple Wallet and Android pay next to the payment terminal to let your consumers know they can pay with mobile wallets.

  • Banks should leverage consumers case studies: A very powerful marketing tool to capture the stories from consumers, bringing the human element of mobile payments to the forefront of the consumer mind.

  • Financial organizations should invest the time to educate consumers and take a targeted marketing approach to adoption. Younger generations are more prone to give mobile payments a try!

  • Retailers should see beyond the payment and use #mobilewallets as a tool to leverage and boost their loyalty scheme. Recently we published an article about Walgreens that offers customers the possibility to pay and collect points at the same time through #mobilewallets.

How To Make Mobile Payments The Favorite Option For Consumers