Mobile Payment Usage Grows Among Business Professionals
The success of Apple Pay outside the U.S. would be limited because most other countries have a substantially lower proportion of iOS devices.Mobile devices and technologies like Apple Pay may be pushing mobile payments into the mainstream, but the market has a long way to go before reaching mainstream integration, according to a survey of 300 global business professionals by Timetric. More than half of the respondents (52 percent) indicated they use their mobile phones for payments, with business professionals in Asia-Pacific (58 percent) performing mobile payment transactions more frequently than their peers in other regions, such as North America (56 percent) and Europe (46 percent). "Mobile payments have already improved the lives of millions of unbanked people in the developing world - usually through cheap non-smart phones," Miguel Stein, an analyst with Timetric’s Cards and Payments Intelligence Center, told eWEEK. "In some mature markets, in-store mobile transactions have increased substantially, but they are mainly limited to quick low-value payments, such as purchasing fast food or coffee." Yet Stein said it would still take several years to reach the necessary level of consumer education and collaboration within the industry in order for mobile payments to become a truly mainstream payment method.
"In terms of contactless payments and fraud prevention, North America not only needs to catch up with Asia but also with Europe," Stein said. "However, the U.S. is rapidly upgrading its payments infrastructure and is likely to become the most advanced mobile payments market within the next two years. Moreover, North America is currently the most advanced region when it comes to fully integrated systems that make use of cloud computing to combine payments with other business functions, Stein noted.