Biggest obstacle to consumer adoption of NFC/EMV m-payments is lack of reason to change - survey

Thursday 6 November 2014 09:17 CET | News

The biggest obstacle to consumer adoption of NFC/EMV mobile payments over the next 12 months is the lack of a reason for consumers to change from swiping cards, a recent report reveals.

According to a recent survey conducted by the BayPay Forum, a network of payment professionals, nearly half of the respondents (48.4%) felt that the lack of a reason to change was the primary obstacle, with “a lack of understanding about how it works” attributed to nearly a quarter of those surveyed (23.4%). Security concerns ranked third with (12.5%) of the votes. Other reasons included “low perceived value vs. traditional payment methods” (7.8%); “behavioral barriers—unfamiliar actions” (5.5%); and “high cost of new NFC enabled devices” (2.3%).

BayPay Forum facilitates networking, education and action on trends and innovation in the payment ecommerce industries. The Forum currently has over 9,000 executives from companies in the US, Europe and other regions.

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Keywords: The BayPay Forum, consumer, adoption, NFC, EMV, m-payments, lack of a reason, mobile payments
Categories: Payments & Commerce
Countries: World
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Payments & Commerce

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