Consumer habits affect mobile payment options

It’s no surprise that mobile wallets are becoming the new method of paying for stuff in stores but very few American’s have caught on to the habit of paying with their phones, and why should they? Cash and credit cards are still easier to manage and use at the payout stand instead of asking what mobile payment system the store uses. Imagine standing there trying to download the right application only for it not to work on your phone because your phone doesn’t support you phone’s hardware. Instead of keeping everyone else waiting in line you resort to taking out your physical wallet and paying with a method that has been around since forever.

The idea behind mobile payments is that there has to be a universal system in place for all consumers to adopt it. That makes it very difficult when technology companies keep introducing new methods to paying with your phone. Not every company will be able to support ten different versions, the cost along would take out some companies just by the IT costs involved, so there needs to be a method to dwindle it down to at least two or three. This allows consumers to have at least a few options ready if they want to pay with their phone. American’s compared to the rest of the world still have not caught on with this evolution in payments but it’s a market that many tech firms don’t want to miss out on because of the huge financial rewards. The firm to get it just right will reap huge profits.

Read more about why it’s a hard business model to solve

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