No matter how much of a devoted smartphone user you may be, don’t throw away your wallet and traditional forms of payment just yet.
A new survey conducted by Radius Global Market Research shows that the majority of Americans “remain quite skeptical” of smartphone generated payment solutions.
What does that mean? At least in the near term, traditional forms of payment won’t be abandoned.
“There’s been a lot of speculation about how quickly consumers are moving to a wallet-less existence. Based on our recent survey, it won’t be anytime soon,” says Chip Lister, Managing Director of Radius.
“The benefits of convenience, speed, and portability, are resonating with a niche population of younger consumers,” he adds. “But even with this segment there are important obstacles that must be addressed before pay-by-smartphone technologies will be widely adopted as a replacement to more traditional modes of payments.”
Not surprisingly, security tops the list of consumer concerns about mobile payments.
Half of all American consumers say potential security and fraud significantly influence their likelihood to use smartphone technology to make purchases in the future.