Use of mobile payments at merchant locations in the US has remained flat this year, while the number of people who use cash weekly has dropped seven percentage points year-on-year to 60 per cent in 2016. This is according to Accenture’s North America Consumer Digital Payments Survey, which found that consumers’ use of debit cards for payments in merchant locations has remained consistent at 58 per cent, while credit card payments rose three percentage points to 53 per cent. The 4,000 survey respondents in the US and Canada expressed optimism about mobile wallets but said that there are certain barriers, which if addressed, could push the adoption of mobile payments. Of the 64 per cent of consumers who have never used their mobile as a payment device at a merchant location, more than one third said that they have not done so because they believe cash and plastic are fine for their payment needs; while one in five prefer to not register their credentials on their mobile phone or are concerned that unauthorised transactions may occur. Nearly three quarters of those surveyed said that traditional card providers are the most trustworthy mobile payments provider, followed by alternative providers like PayPal (63 per cent), established retail banks (62 per cent) and large tech companies (59 per cent). Robert Flynn, managing director of Accenture payments in North America, noted: “Consumers are content to use cash and plastic for their everyday transactions, and while the use of cash is declining overall, it is the most commonly used form of payment – and consumers expect it to remain so in 2020. “To shift consumers’ payment behaviours will take more than just providing another ‘me too’ mobile payments option; leading merchants will identify and provide next-generation, value-added services.”
The adoption of mobile payments at US merchant locations has slowed, despite the number of those using cash Nearly three quarters dropping to 60%. Accenture’s North America Consumer Digital Payments Survey found that consumers’ use of debit cards as a payment method has remained consistently at 58%, with credit card payments rising to 53%. The survey found that of 4,000 respondents, more than one third said that they have not used mobile payments because current options are enough. One in five respondents said they did not wish to register their credentials on their mobiles because of a fear of unauthorised transactions.