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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