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

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.