German consumers may be ready to embrace mobile payments

Mobile Payments adoption by women
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Mobile commerce is beginning to grow in popularity in Germany

Yapital, a payments processor based in Germany, has released the results of a new survey conducted on its behalf by TNS Infratest. The survey has gauged the interest that German consumers have in mobile payments. Many consumers have been relying more heavily on their smartphones recently, using these devices to conduct their daily lives more efficiently. As smartphone adoption continues to grow, people are becoming more interested in the concept of mobile commerce.

Survey shows that many people are willing to use their mobile devices rather than purses and wallets

According to the survey some 31% of German consumers said that they needed to have their smartphones with them at all times. These people noted that they would be willing to replace their purses and wallets with digital equivalents. Approximately 33% of consumers said that they would like to pay for public transit with nothing more than a smartphone. Another 30% of consumers said that they would be willing to use their mobile devices to pay for products they purchase in stores.

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Technology Quotes That Invite Thought - "Mobile is the future, and there is no such thing as communication overloaded." - Eric Schmit, Former Executive Chairman & CEO, Google

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Convenience plays a major role in  attracting people to the mobile commerce sector

Mobile Payments adoption by womenBecause many people already rely on their mobile devices for many things in their daily lives, they have become quite comfortable with the idea of using these devices in commerce as well. Convenience plays a big role in the appeal of mobile commerce. The survey found that 28% of German consumers are interested in using faster payment services, with 83% of these consumers claiming that they were frustrated with waiting in lines at physical stores.

Security remains as a problematic issue for those looking to participate in the mobile commerce space

While consumers are interested in mobile payments, the issue of security is still a problem. Many mobile commerce platforms are equipped with security measures that are designed to protect a consumer’s financial information, but relatively few consumers take steps to protect themselves. These consumers often open themselves up to undue financial risks from malicious groups that may specifically be targeting the burgeoning mobile payments sector.

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