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Mobile Payment Consumer Survey

Would You Pay On the Go?

When Google recently announced its Google Wallet mobile payment system, we asked if you would consider using the pay-on-the-go option. While our Facebook poll indicated you weren't interested in loading sensitive financial information on a phone, mobile payments do look to be in our buying future.

Verifone, the company that powers much of the electronic retail payment systems used in stores every day, released a survey of Americans' attitude toward adopting mobile payment solutions over the next several years. Some interesting statistics from the survey include:

  • 57 percent of adults expect that mobile payments will become widespread over the next three years.
  • 47 percent of consumers are content knowing that all their personal and financial information on a mobile phone is completely secure. (Conversely, we can take this statistic to show that a majority of consumers do not feel their financial information is completely secure on a mobile phone.)
  • 43 percent of women say they would never use a mobile phone to pay for goods and services compared to 32 percent of men.

While companies like Verifone, Google, and Square begin to roll out mobile payment solutions, it appears that the majority of consumers are still concerned about the security of their personal information and credit card details. Tell us, what's your take on our mobile payment future?

Source: Verifone

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thecolor thecolor 5 years
what's funny about the lack of trust with data being on a mobile device is that a "device" is MORE secure then losing cash or losing a credit/debit card. While phones can be secured (through a pin and likely would be with mobile payments), cards and cash can be used immediately (typically only requiring a pin for cash from the ATM), but not most purchases like, gas, clothes, food, coffee, etc. So, while a "device" can be immediately/remotely wiped to further secure it when it's lost or stolen (before or when the crook is attempting to figure out your devices pin(s)); the crook can typically just walk into any store and use the alternatives without question or failure until it's way to late. Additionally, we (as typical users go) will check for our phone and or have it in hand MUCH more frequently then a wallet or purse or cards and cash. We psychologically just tend to assume the current payment methods are in our back pocket or wherever we left it last with little to no concern. If you misplace your mobile, however, you are much more likely to IMMEDIATELY panic as it's more of a lifeline then most think.
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