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Technology / Networks

A slow start for mobile payment technology?

A recent VeriFone survey has found that half of US consumers are unfamiliar with mobile payment technologies such as Near Field Communication (NFC) and mobile wallets.

The San Jose-based multinational, which provides technology for electronic payment transactions at point-of-sale, also revealed that half of respondents would be unlikely to shop in a store that used in-store tracking technology to provide offers to mobile users.

However, the survey showed that mobile payments were generally popular; 53% said more stores should install devices to allow customers to pay by smartphone and 84% said they would use a smartphone to pay for smaller purchases.

"This is a classic case of new technologies needing to reach critical mass before consumers come on board," said Joe Mach, senior vice president and general manager of vertical solutions at VeriFone.

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"Today, in 2015, the pieces are fitting into place – what’s essential now is for the industries driving the mobile payment revolution, from finance to retail to systems providers, to educate consumers on mobile payment’s benefits and easy use."

He added: "The survey data illustrate a typical early adopter scenario – high awareness among younger consumers, which is the essential precursor to mass market adoption. The mobile payment industry is an industry on the cusp, with so many components essential to success, such as EMV and ApplePay, coming into focus for the first time, and delivering real value to the end user."

The survey was conducted online during the holiday shopping season by Wakefield Research, polling 1,000 adults over the age of 18.

This article is from the CBROnline archive: some formatting and images may not be present.