Adoption of m-payments still low, in spite of shift towards a cashless society - report

Wednesday 20 November 2013 09:40 CET | News

Only 40% of consumers carry USD 20 or more in cash, which suggests the fact that the idea of a cashless society is gaining ground, a recent study has revealed.

According to a study entitled 2014 Future of Retail Study, released by Walker Sands, a public relations and digital agency for technology companies and startups, although the majority of consumers aren’t carrying much cash, mobile payment applications are still not taking off. Only 8% are using passbook-like applications to make payments and track funds.

The study revealed that while consumers aren’t yet willing to adopt existing mobile payment applications, they want more convenient mobile experiences. 59% of customers would be more likely to shop at a store offering the ability to self-checkout on a mobile device.

Also, the study revealed that mobile checkout could even drive frequent online shoppers back to the store, with 66 % of those who shop online more than twice per week would be more inclined to shop at a brick-and-mortar store offering mobile checkout.

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Keywords: adoption of m-payments, shift towards cashless society, report, mobile payments, Walker Sands
Categories: Payments & Commerce
Countries: World
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