Story image

Consumers still wary when it comes to mobile payments

23 Mar 15

While mobile and digital payments are on the rise, the majority of consumers still have concerns with adoption of the technology, according to a Walker Sands’ 2015 Future of Retail Study, which examines changing trends and consumer behaviours in retail.

The report, based on an analysis of 1400 consumers, says consumers are waiting for a trusted source before jumping into mobile payment technology.

While only 4% of those surveyed had used Apply Pay, 18% say its introduction makes them more likely to make a purchase with their smartphone in the next year. The number rises to 36% when asking Apple users. 

The report says consumers, especially younger generations, are looking for the convenience of peer-to-peer payments. Half of consumers ages 18-25 say they are likely to exchange money with a friend or colleague via a mobile application such as Venmo, QuickPay, etc. in at least one payment scenario, compared to only 19% of those ages 46-60.

However, there’s no major loyalty yet to mobile payments. Of those surveyed, 2% have used Venmo and 16% have used banking applications, such as QuickPay, to transfer funds. 

Consumers are most likely to use mobile payment applications for social events, according to the survey. Restaurants (24%) and bars (17%) were the most popular reasons consumers cited for using peer-to-peer applications. 

The report also notes that cash use continues to be on the decline – only 11% of consumers have paid for something in cash in the past day and 59% of consumers carry less than $20 in their pocket. 

CERT NZ highlights rise of unauthorised access incidents
“In one case, the attacker gained access and tracked the business’s emails for at least six months. They gathered extensive knowledge of the business’s billing cycles."
Report finds GCSB in compliance with NZ rights
The Inspector-General has given the GCSB its compliance tick of approval for the fourth year in a row.
Cisco dominates record-high Ethernet switch & router markets
While the market is flourishing, it’s tough-going as Cisco has increased its majority share of the pie.
Preparing for e-invoicing requirements
The New Zealand and Australian governments are working on a joint approach to create trans-Tasman standards to e-invoicing that’ll make it easier for businesses in both countries work with each other and across the globe
SAP provides partners with free access to their cloud platform
“Now that over 3,700 SAP partners have joined our cloud strategy, the free resources will help them accelerate application development."
Company-X celebrates ranking on Deloitte's Fast 500 Asia Pacific
Hamilton-based software firm Company-X has landed a spot on Deloitte Technology’s Fast 500 Asia Pacific 2018 ranking - for the second year in a row.
Gartner names Proofpoint Leader in enterprise information archiving
The report provides a detailed overview of the enterprise information archiving market and evaluates vendors based on completeness of vision and ability to execute.
WatchGuard appoints new channel distributors in A/NZ
The appointments will enable WatchGuard to expand its regional channel reseller footprint.