Mobile payment and banking must deliver time and cost savings to consumers

by. Brian Day

A recent VeriFone survey found more than half (55 percent) of consumers polled want mobile wallets. However, 65 percent of those same respondents say they will continue to use credit and debit as their primary payment methods in 2014.

A number of roadblocks remain in the way of widespread mobile payments adoption. These roadblocks include the lack of ubiquity of mobile payment solutions and consumers’ familiarity with plastic payment cards.

Security concerns continue to be another obstacle to wide-ranging mobile payment use, with study after study finding it at the top of consumers’ list of concerns. Some of this can be contributed simply to a lack of consumer education on mobile security, authentication and identification measures.

Phone hardware, necessary updates to merchant hardware and, to some extent, a lack of carriers, also continue to be roadblocks to widespread mobile payment adoption.

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