Lack Of Awareness About Mobile Payment, Says A New Survey

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A recent survey of U.S. consumer attitudes, conducted by VeriFone Systems Inc (NYSE:PAY), suggested that consumers need more education on the ease of use and performance of mobile pay services.

A survey by Wakefield Research, conducted during the 2014 holiday shopping season, revealed that approximately 53% of the respondents emphasized the need for in-store devices that enable payment with their smartphones. The response was significantly higher in younger age group with 64% of respondents aged less than 40 years agreeing for the need of installation of such devices.

The respondents who favored the use of mobile payment technologies, cited speed of use as the key benefit over traditional payment methods. Access to mobile deals, freedom from carrying a wallet, safety of personal data and ease in tracking spending were among the other benefits cited by respondents.

The survey results strikingly points out increasing receptivity of mobile pay options, once they are made available. Nearly 84% of respondents were willing to use smartphones for making payment even for their small to medium purchases like buying a pair of jeans or even a cup of coffee. About 54% of survey respondents were familiar with EMV technology and nearly half of the respondents below 40 years of age were using debit or credit cards that have EMV chips.

Joe Mach, senior VP and GM of vertical solutions at VeriFone Systems Inc (NYSE:PAY), noted that the survey findings emphasize the need of enhancing the reach of newer technologies. Industries driving the mobile payment revolution need to education shoppers on the benefits and ease of use of mobile payments.

On the other hand, the survey also pointed unfamiliarity of nearly half of respondents with mobile payment technologies such as mobile wallets or near-field communication. At the same time, half of the respondents also showed concern over in-store shopping, which uses tracking technologies to customize offers on mobile devices.

Lisa Ray

Lisa Ray primarily covers Retail and Healthcare. Lisa Ray has completed her MBA (Finance) and an avid market tracker. She is a stock market analyst who closely tracks US markets along with other global markets like India. She has been expressing her views for years about markets and also advises various clients.

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