Mobile Payments Has One Big Market Left to Tap: The Uninterested Published-Aug 19, 2016
We’ve seen a lot of new and exciting developments in mobile payments over the years, ranging from new stores taking payment systems to new systems altogether.

Yet for many out there, the idea of a mobile payment system just doesn’t make a lot of sense.

That’s the last great market frontier left for mobile payment systems, as a new survey from Citi Cards revealed that fully 59 percent of users were “very unlikely” to start using a mobile payment app.

That’s not the only unexpected twist. Just 21 percent of Internet users planned to try mobile payments, so between that and the 59 percent who probably won’t, there’s a lot of room out there to break into a completely new market by pulling off the simple—yet not easy—task of convincing people that mobile payments is worthwhile.

Naturally, some of that is due to the market itself. Projections suggest a market that will triple in value this year thanks to more users and more businesses willing to take mobile payments.

Plus, with more consumers taking an interest in mobile payments, the overall effect should mean more customers. That will mean more money going through mobile platforms, if not necessarily that many users.

Throw in a growing body of users displeased with the Europay / Mastercard / Visa (EMV) chip card system and mobile payments could have a real opportunity to shine.

With more millennial users getting into the workforce, and more users getting annoyed with the extra hassle a credit card is starting to engender, more and more users may be looking at mobile payment systems.

This is where the opportunity really lies: to take all those users out there who won’t, or just probably won’t, and show them where the value of mobile payments lives.

The best way to do that is with a great customer experience. Ease of use to beat the credit card, security to match cash, and the rewards program tie-in to make both look like they’re standing still.

It’s those people who never plan to use mobile payments that could be the biggest market.

All that needs to be done is to make the value of a mobile payments program clear, with convenience, security, and even a direct value incentive with rewards programs. In the end, that’s how an audience is made. 

Sourced By: paymentweek.com

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