The Many Alternatives to Carrying Cash

by Sarah Grotta 0

We have all seen reports that the adoption of mobile payment wallets in the U.S. is taking longer than many had predicted or hoped. A new study supports the U.S. is not alone in this trait:

Despite high-profile launches of payment platforms, cash and cards are still the preferred means of payment globally. A study by Aimia, an analytics company, found that fewer than one in 10 UK consumers were “very likely” to use a digital wallet – a number that has barely changed over the past three years.

Consumer concerns over security have always been a hurdle with any new payment type launch. Many thought the deployment of Apple Pay, with the backing of one of the most trusted brands anywhere, plus the use of tokenization would go a long way to dispelling those fears, but it is still foremost in consumer’s reluctance to adopt mobile wallets:

Marc Allsop, senior vice-president at Aimia, says: “Payment providers must ensure they address concerns about data security and prove to customers that their details are secure. Only then will digital payments truly become part of everyday shopping behaviour

Overview by Sarah Grotta, Director, Debit Advisory Service at Mercator Advisory Group

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