Mobile Payments? Not So Fast

Ann-Marie Vazzano

The public remains skeptical of services like Apple Pay and Google Wallet, according to a new report from creditcards.com. Two-thirds of Americans would never or hardly ever use their cell phone to make a purchase, the survey found. Just 6% would always make a mobile payment and only 11% would do so most of the time. Demographically, Hispanics, Millennials and southerners are most likely to use mobile payments, while whites, senior citizens and westerners are the least likely to.

“The biggest obstacles to mobile payments usage are convenience and security,” says Matt Schulz, creditcards.com’s senior industry analyst. “Consumers are already very comfortable swiping their credit and debit cards. Most people don’t see why a mobile payments service would be quicker, easier or more secure.” GP