US consumers won’t change payment habits
While awareness of digital payment options is increasing, most consumers have a hard time breaking old payment habits. The future of mobile payments and digital commerce (IoT) depends of making payments easier, safer and more seamless than plastic
Despite an increase in awareness of mobile payments, usage continues to remain flat, illustrating the challenges in changing consumer behavior when merchants and issuers can’t deliver a strong value proposition. According to Accenture, 56% of North American consumers are now aware of mobile payment services — a 4% increase from 2015. However, the regular use of mobile payments remains flat at 19%, with 60% of consumers using cash at least weekly to make purchases at a merchant location (a drop of 7% from last year).
The 2016 North America Consumer Digital Payments Survey, based on a survey of more than 4,000 smartphone users in the US and Canada, shows that consumers are expressing optimism about mobile wallet adoption in the future. anticipating a nearly 60% increase in the use of mobile wallets from card networks (from 14% in 2016 to 22% in 2020) and from technology companies (from 13% in 2016 to 21% in 2020). The usage of bank-branded mobile wallets is also expected to increase from 14% to 19%.
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