Study: U.S. mobile payments pale in comparison to mobile usage

U.S. shoppers love mobile commerce, yet mobile payments still account for just 2% of all transactions.



This detail was discussed in the “2016 FutureBuy” report from GfK. The report, which reveals digital and in-person shopping trends, said that 37% of U.S. shoppers used their smartphones or tablet to help them shop while inside of a store — one of the highest levels among the 20 countries measured. Typically U.S. shoppers use their devices to compare prices (25%), search for product information (19%), read online reviews (17%), and check availability of an item (14%).



However, the 2% of U.S. shoppers that actually pay for goods with a mobile device in a store pales in comparison to China (24%), and even the U.K. (3%), the report said, suggesting that there are still levels of concern and skepticism about mobile payments in the U.S.



Over four in 10 (42%) U.S. shoppers now agree that “mobile payments are more of a gimmick today than a major part of how I pay.” This sentiment represents a jump of 5 percentage points (from 37%) compared to FutureBuy’s 2015 study. Meanwhile, roughly one-quarter (24%) of U.S. shoppers said, “I am worried about my personal information when using a mobile payment app” – up from 20% in 2015.



“The opportunity to change U.S. consumer behavior and improve the customer experience through mobile shopping and purchasing is dramatically clear,” said Tim Spenny, senior VP on GfK’s financial services team.



“[U.S.] consumers feel comfortable using their smartphones and tablets to shop and price compare, learn about products, check availability and read reviews,” he said. “But lingering security concerns – mostly unfounded – and the lack of a clear, consumer-centric value proposition are hindering adoption and usage of in-store mobile payments in the U.S.”



Companies that can make a stronger effort communicating mobile payment security coupled with a compelling app or wallet design “would help mobile payments become more of a mainstream behavior among U.S. shoppers,” he added. “The benefits to merchants – in terms of efficiency, loyalty, and additional consumer data – would be huge.”