Smartphone users are dialing in mobile payments for convenience and speed, according to yStats.com report
The highest value and numbers of usage of mobile payments is for online shopping, but the use of mobile payment in-store is growing; over a billion proximity mobile payment customers are expected globally in the next 3 years. Expansions and product launches leading this trend include Samsung Pay in Brazil, Android Pay in the UK and Walmart Pay in the USA. Still, surveys cited in the yStats.com report show that many shoppers are reluctant to use mobile payments because of concerns about security or simply not seeing an advantage to their use.
The convenience and quickness of mobile payments seem to be the main positive features enjoyed by those who have made the move to their use, according to the yStats.com report. South Korea is one of the leading markets in penetration of mobile payments. Surveyed users there cited convenience as the main reason for use, with speed as a second motivation. In the USA and Western Europe mobile shoppers show a preference for even faster, one-click checkout by having their payment details saved.
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