Mar 21, 2014 Dave King
Mobile payment systems have yet to become widespread in the United States but businesses would be wise to adopt this technology, as consumers who use it spend more than those who don't.
According to "The Consumer View of Mobile Payments" study published by Bain & Company, mobile payment users, on average, spend twice as much through digital channels when compared to non-users.
However, many consumers are still unwilling to use the technology due to a number of fears, including security risks. For this reason, it is up to businesses to ensure that customers feel safe using the technology.
"A mobile payment solution needs to start by defining the right proposition for target segments, as it's unlikely to satisfy all segments," said Stephen Bertrand, partner with Bain & Company. "Consumers are voicing their willingness to change payment behaviors. It's now up to mobile payment providers to deliver solutions that unlock the long-awaited potential of mobile payments."
With more than half of all American adults owning a smartphone or tablet, according to Pew Research, implementing mobile payments would seem like a smart move for businesses. In addition to offering consumers a new payment option, it could help companies avoid falling behind the competition.