Infographic: Mobile payment goes native

Apps currently dominate the mobile payment space, but that may not be a permanent situation.



According to a new infographic from mobile engagement provider Mobiquity Inc., the industry is on its way to a ‘no-app’ payment landscape. Mobiquity predicts that operating systems, rather than applications, will define the future of mobile payments.



The infographic lists several data points suggesting consumers and retailers do not find mobile payment convenient. These include:



“With the introduction of tools like Apple Pay and Android Pay – and the fragmented environment in which mobile payments exist today – a dramatic change is inevitable,” said Robert McCarthy, director of security engineering at Mobiquity. “Today’s landscape is unsustainable for both consumers and merchants alike. Until the industry streamlines and standardizes processes, we will continue seeing patchy adoption, at best.”



While the desire to use and deploy mobile payments should be a matter of convenience, many consumers and merchants feel overwhelmed (and, ironically, inconvenienced) by this new way to pay:



· 75% of consumers perceive cash/credit cards easier than mobile.

· 45% of consumers and 39% of retailers worry about security.

· 43% of retailers are concerned by the cost of needed upgrades.



“With the introduction of tools like Apple Pay and Android Pay, and the fragmented environment in which mobile payments exist today, a dramatic change is inevitable,” said Robert McCarthy, director of security engineering at Mobiquity. “Today’s landscape is unsustainable for both consumers and merchants alike. Until the industry streamlines and standardizes processes, we will continue seeing patchy adoption, at best.”



Click on the infographic for more data: