Mobile payments are growing more popular, but adoption is not as high as companies would hope
Mobile payments have gained a great deal of popularity in recent years, but adoption may not be growing as quickly as some may believe. Several companies have become involved in the mobile payments market, but they are finding it somewhat difficult to attract consumers to their new payment services. This has been the case for Apple and Google, whom have already established a foothold in the payments market, but have encountered difficulties when it comes to growth of their services.
Apple finds it challenging to bring mobile payment service to consumers
When Apple Pay was announced that last year, many believed that it would become very successful in the payments space in a very short amount of time. This has not been the case, however, as the service continues to fight to find success. Though Apple Pay acquired strong support from some of the largest retailers in the United States, slow adoption among consumers has kept the service limited to the country. Apple does plan to launch its service in other markets in the very near future, but the company may continue to face difficulties in these markets as it attempts to compete with others involved in mobile payments.
Google has also experienced difficulties
Apple is not the only company experiencing problems in the market, of course. Google has been involved in mobile payments for some time, but has failed to find any significant success in this space. Google Wallet launched some time ago, but security concerns prevented many consumers from using the service to shop online and make payments. Google now plans to launch a new payment services called Android Pay, which will be a standalone service that serves as an alternative to Google’s troubled Wallet platform.
Security concerns keep consumers away from mobile transactions
One of the reasons mobile payments has struggled to find significant traction with consumers is security. In the past, security concerns caused many consumers to be wary of online transaction, and these concerns remain quite prominent among many people. Companies like Apple have managed to bring significant improvements to the security of mobile payments, but many consumers remain cautious.
