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Tuesday, March 26, 2013

Analysts weigh in on mobile payments

Researchers recently have predicted exponential growth in global adoption of mobile payments, but opinions vary on when this trend will become widespread. Factors perceived to be slowing mobile payment adoption are related to data security, convenience and lack of clearly defined market leaders.

Following are highlights from reports sizing up mobile payments in these critical areas.

Security: Consumer authentication preferences Rated 1 to 10 (low/high)

Activate mobile payment apps using:

  • Username, password and authentication code: 5.6
  • Username, password and e-mail verification code: 5.2
  • Username and password alone: 4.7

Checkout via mobile payment apps using:

  • Username, password and PIN: 5.3
  • Username, password and memorable word: 5.2
  • Username and password alone: 4.6

    Source: Auriemma Consulting Group, The Mobile Payments Report

Convenience: Consumer mobile payment status report

  • Will make an urgent payment via mobile device within 6 months: 14 percent
  • Will increase use of mobile phones as a payment channel in 2013: 12 percent
  • Currently use mobile phones to make bill payments: 2 percent

    Source: The Western Union Co., Western Union Payments Money Mindset Index, conducted by Javelin Strategy & Research

Leadership: Anticipated mobile payment frontrunners

  • Banks: 29 percent
  • Online payment scheme: 28 percent
  • Credit cards: 26 percent
  • Consortium of operators: 26 percent

    Source: SAP AG, GSMA Mobile Congress third annual survey

end of article

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