The Barriers to Mobile Payments
One of the biggest barriers to mobile payment adoption are security concerns from consumers. How will we know that our information is safe? That our personal information or financial numbers won’t be at risk by using a mobile payment? Consumers don’t want to have to think about what encrypted means, how many hours of research will go into the mobile payment technology of their choice and what it means for the security of their information.
The second barrier we’ve found is adoption. Getting people to adopt a new technology like this when we’re so used to making payments with our wallet and our credit cards is difficult. In 2015, only 5% of devices that were enabled with NFC (Near Field Communication) used it in a retail setting. So, what will it take for consumers to move from traditional forms of payment to mobile payments? Would it be knowing that your information and bank numbers are secure? Would it be knowing that you could use your shirt to make purchases?