The results of a study conducted by Retale, a location-based shopping and marketing platform, shows the attitude consumers have towards mobile payments.
The survey was carried out in November 2014 asking more than 1,000 individuals in the U.S. whether or not they are inclined to use a mobile payment method over a traditional one (cash, credit, and debit cards) during this holiday season.
The survey also focused on asking about the advantages of mobile payments and the objections one might have with the use of it.
On whether or not they are willing to endorse mobile payments to purchase a present or other items 56 percent of the partakers said they would. An impressive 91 percent of the participants who had already used such a payment method said they would try it again.
Although, only 36 percent of the respondents had previously used mobile payments, the percentage is considerably higher compared to 2012, when only a 15 percent used a mobile payment method.
Convenience was the main reason consumers are inclined to use this payment method according to 58 percent of respondents. Their greatest objections are “data breaches and privacy” (28 percent); “possible theft or loss of my mobile device” (17 percent); and “difficulty keeping track of spending” (10 percent).
Most of the participants (68 percent) would only be willing to use this method for items that cost $50 or less.
And when asked about choosing a service, 51 percent preferred PayPal followed by Apple Pay, Google Wallet, and CurrentC with 21, 10, and 8 percent respectively.
Millennials are particularly open to using their mobile devices to pay as 53 percent of them have previously done so.
That is 17 percent higher than average (36 percent). Taken together, the data indicates that PayPal still leads, while the comparatively increased willingness for younger consumers to pay with their mobile and tablets, makes Snapchat’s launch of Snapcash a wise move in hindsight.