Transparency of payment and mobile wallet
- 9월 25, 2017
- by
Transparency of payment
and mobile wallet
Transparency is paramount
Customers remain just as fickle online as they’ve become offline. On average, they abandon a shopping cart twice in any given month.
Respondents gave various reasons for this, ranging from technical issues (the website was too slow or didn’t work well on mobile) to logistical issues, such as inconvenient delivery times. However, the most common reason given by was hidden fees and charges. Four in ten of the respondents said they didn’t follow through with a purchase because of these fees and charges, highlighting the continued importance of transparency in driving competitive advantage.
Many customers find hidden fees confusing and annoying enough to abandon transactions even at an advanced stage. More importantly, they seem to do so across the board, regardless of their age or the region where they live.
People’s relationship with cash is changing
Traditional cash is losing popularity across markets. In general, most respondents reported carrying less of it than they did a year ago. And many expect they’ll need to carry even less — if any at all — in two years’ time. For many Americans, notes and coins remain a preferred method of payment.
Somewhat predictably, cash is least popular with those under 34. As this cohort grows older and gains more spending power, it stands to reason that the popularity of traditional cash will continue to decline in favour of alternative payment methods.
Mobile wallets are emerging as the most popular cash alternative, especially amongst younger generations. 86% of 18-25 year olds and 89% of 26-34 year olds expect they’ll be using them more in the next 2 years.
However, the path towards alternative payments isn’t necessarily clear cut.
A sizeable chunk of people still report having security concerns, both when it comes to contactless and mobile payments. Whilst innovations such as cryptocurrencies and biometrics are taken up enthusiastically by a hard core of early adopters, this is hardly close to becoming mainstream.
As consumers get more comfortable with new innovations, they’ll surely feel encouraged to try them out. That said, most expect to pay using the method they prefer right now. For this reason, merchants need to offer a wide range of payment options — including cash alternatives — if they’re to stay relevant and accessible to as wide a customer base as possible.
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