Consumers Ready to Adopt Mobile Payments

Consumers Ready to Adopt Mobile Payments

Younger generations most enthusiastic, with majority of iPhone users ready to adopt Apple Pay

Consumers are interested in mobile payments

40% of American online shoppers say they like the idea of using their phone to pay for purchases instead of carrying around their wallet.

According to Hayley Silver, the Vice President of Bizrate Insights, “Apple Pay has uncovered an unmet need…and since younger buyers are enthusiastic, we expect mobile payments to become the norm.

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Perceived poor security drives interest

Fueling the demand for a new payment system is consumer dissatisfaction with the strength of credit card and personal information security. 76% of online buyers agree that current retail store security for their payment information isn’t strong enough.

Apple Pay may or may not be the answer

19% of all online buyers would use Apple Pay to pay for purchases in store. The percent of would-be Apple Pay users rises dramatically to 53% for those currently using or planning to buy an iPhone 6/6+.
Only 32% of online buyers believe Apple Pay would be more secure than swiping a credit card, so there is still an opening for new entrants into the payment space.

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Download the report here

About the study: The Bizrate Insights Apple Pay and Payment Security Study #1 was conducted via the Bizrate Insights survey platform and offered to online buyers immediately after purchasing from the Bizrate Insights Network of over 5,000 e-commerce retailers in the US and Canada. Data was collected from 6,256 online buyers from October 23 – 28, 2014.