Commentary

Faith in Mobile Payments at Retail? Not So Much

Consumers may not be swarming to mobile payments but they seem to be interested in getting through store checkout more quickly.

And before accepting any mobile payment system that may ease the checkout process, consumers want to make sure of its security, at least based on another new nationwide survey.

When asked how important security is for checking out using mobile checkout or a cash register, the majority (57%) said it was their top concern, according to a survey conducted by OnePoll, commissioned by I Love Velvet, a mobile point-of-sale company.

Many consumers still seem to feel quite comfortable with the trusty old cash register and traditional checkout. The market is split, with about half (49%) of consumers saying cash registers are not outdated and the other half (51%) saying they are.

Perhaps more significantly in the world of mobile payments, consumers don’t seem to put a lot of faith in retailers. Only 12% said they completely trust that retailers are protecting their payment information.

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And as yet another indicator that mobile payments are not ready for mass, prime-time in the U.S., 42% of consumers still don’t feel comfortable using mobile payment services.

Of the locations of those who would feel comfortable using mobile payments, the largest number (26%) could be found at retail.

Other locations where consumers are or would be most comfortable using mobile payments, as identified in the survey:

  • 14% -- Food/beverage, such as restaurant, coffee shop
  • 10% -- Airlines, car rental
  • 5% -- Entertainment, such as cinema

While mobile payment technologies continue to evolve and proliferate, consumers are still looking for assurances of security of their information following the sale.

And that's just the starting point for any successful mobile payment adoption.

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