Consumers Not Ditching Their Wallets for Mobile Wallets
1/9/2017 7:18 PM
Phones are used as cameras, tell time, and in some instances can be used to make purchases. The clock on the mobile phone was to replace the wristwatch, the camera phone to replace cameras, and now phones to replace your wallet. However none of these have or will happen for good. The phone will never make a statement like a fine wristwatch can while wearing it. A phone will never take the quality of a picture a digital camera can take. And for many reasons the phone will never replace the wallet.
According to over 500 visitors (536 to be exact) who participated in our survey, 90% will keep their leather wallets instead of ditching it for mobile payments. 204 (38%) just flat out said "No" to getting rid of their leather wallet. Their top concern was security. Only 10% were likely to abandon their wallet for mobile payments. 90% will be keeping their good old leather wallets to carry their ID, credit cards, and cash.
A major reason why mobile payments will not take off is that the current electronic payments system works just fine. It works really well. You can take out a card, swipe it and in an instant can transmit funds to a merchant. Payment by phone gets more complicated in the area of usability.
In order to use a mobile phone to make a purchase, first the store you would like to buy something at has to be set up to accept your particular mobile payment plan app. If it does then you pull out your phone, you wake it up from sleep, unlock it, find your mobile app, enter another password to get into the app, swipe the phone, make the purchase, and then verify payment. Lines would be out the door waiting for each person to make a purchase like this. Oh and to make a payment happen your battery better be charged. If you ditched your wallet or have a cracked screen how are you going to get home, pay for coffee, etc. when your battery is dead?
If you do choose to use mobile payments,remember that some smartphone applications can transmit personal information, so be cautious about storing any sensitive information on your phone. Don’t store your credit card details, for example. And don’t download applications that may be untrustworthy.
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