Mobile Payment Adoption: advantages and problems

Mobile technology is changing the way people pay for things, but only 1 from 5 people have heard about mobile payment adoption, according to recent statistics. What’s standing in their way? And what is the industry doing to address user concerns?

Mobile payments are becoming more sophisticated as supporting technology evolves, but these roadblocks are standing in the way of consumer mobile payment adoption.

What to expect from mobile payment adoption

Security concerns. Consumers have concerns about the security of mobile payments, mainly when an NFC-enabled smartphone acts as a card for a payment transaction. Users worry that their personal information could get into the wrong hands or that using mobile payment technology could result in additional spam or junk mail. PCI encryption, tokenization and other security measures address this, but consumers may not understand these aspects of going mobile.

Consumer preferences. Many people find swiping or inserting a card easy enough. They aren’t bothered by entering a PIN, so they see no reason to change how they pay. In fact, tapping a smart phone app may take longer than using a card for many users. Merchants can increase mobile payment adoption by tying in-store coupons and loyalty programs to paying with a mobile app.

Lack of a global standard. Mobile payments are not always internationally comp