Mobile payments continue to be a challenge for retailers
When it comes to mobile payments, retailers are undeniably interested, but they have major concerns that must be addressed before they can show wholesale support for new payment platforms. A new report from Retail System Research suggests that retailers are more concerned about protecting consumers, and themselves, from fraud than they are about actually accommodating mobile payments. Mobile payment adoption among retailers is expected to slow until security concerns are effectively addressed.
Security and privacy are significant concerns for retailers
According to the study, approximately 37% of retailers already accept mobile payments, but of the retailers surveyed, 56% have said that protecting themselves and consumers against fraud is a major priority. The privacy of customer payment data is also a major priority for retailers, as this information can be used to malicious ends. Notably, retailers that are not doing well in the mobile space are less concerned about security and more concerned about the types of payment platforms that consumers will adopt.
Technology Quotes That Invite Thought -
Those struggling in the mobile space are having trouble keeping up with consumer interest
Approximately 47% of retailers that are struggling in the mobile space are finding it challenge to keep up with the adoption of mobile payment services among consumers. Payment applications are becoming more common, and retailers that do not support these apps are finding it difficult to engage consumers and provide them with effective services. These retailers are, of course, interested in mobile payments, but have yet to find a way to enter into the mobile space.
Mobile payments may not see resolution this year
The report shows that only 17% of retailers believe that mobile payments will see resolution by the end of this year. This means that many retailers do not believe that a singular mobile payments platform will become the default platform among consumers. As such, there is likely to be a great deal of competition in the mobile field, with retailers fighting to understand which platforms are the best to support.