Interests in mobile payments are on the rise. A new study by PayPal indicates almost one-third of Americans would prefer to carry only one item with them when they go out, and that would be their SmartPhone, not a wallet. 86 percent of US shoppers wish they didn’t have to carry a wallet at all.
The study also shows that businesses are not keeping up with the desires of their customers for new payment methods. 68 percent of Americans say they have been unable to purchase something because they didn’t have cash on hand while out-and-about. Count me as one of them as this has happens to me a lot! My wallet is just not in the forefront of my mind when I leave the house as my iPhone happens to be. Probably because of all the other things my mobile device does, it gets more attention, these days. Pretty soon I can hear the Capital One slogan as, “What’s in your SmartPhone?” You heard that here first.
Mobile payments soar to new levels
Think that mobile transactions are not significant enough to matter? A recent report by Gartner estimated that global mobile transactions will grow to $235.4 billion this year, and will reach $721 billion by 2017.
Who’s leading when it comes to mobile payments?
When it comes to mobile payments, this PayPal study clearly shows that consumers are ready for a change. With Near Field Communication technology (NFC) and various digital wallet systems vying for the lead, it’s still up for grabs, or is it?. Some of the major players in mobile payments are Google Wallet, Square Wallet, PayPal, Isis, and LevelUp. It’s still unclear at this time which payment system will emerge as the leader. It’s starting to become clearer as this VentureBeat article asserts. PayPal has a leg up on the competition. What is clear is this; businesses need to get on board – and the sooner, the better.