US Consumers Won’t Change Payment Habits

by Joseph Walent 0

The article outlines the answer to the question “why are not more people using mobile payments”. One aspect is which is summed up succinctly in the following passage.

As with any commerce decision, consumers are looking for value. This includes what is being purchased as well as the way it is being bought. To this end, the Accenture survey found that that consumers value tangibles like deals, discounts and rewards and intangibles like convenience and relevance. In fact, 45% of retail bank consumers say the top reason that they would stay loyal is if their bank offers discounts on purchases of interest.

Merchants have trained many of us to look for the something extra, and that to settle for anything that does not include that aspect is a failing. We consumers also don’t care to waste our time. For many of us, the time and effort spent on learning and becoming secure with the use of a particular mobile payment scheme must be incentivized and the payment scheme must also demonstrate longevity. In other words, it needs to be “worth my while”.

Mercator Advisory Group believes the gradual adoption will continue in 2017, but will likely reach critical mass in 2018, predicated on widespread availability of merchant acceptance of the “winning” methodologies.

Overview by Joseph Walent, Associate Director, Customer Interactions Advisory Service at Mercator Advisory Group

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