Report: Mobile Payments Lack Compelling Case for Consumers 

Dec. 17, 2012

While most Americans think payment using a mobile device will replace cards and cash, few feel strongly about using mobile payments themselves, according to the results of a recent survey. Harris Interactive polled nearly 2,400 U.S. adults in November and 66 percent said they believed mobile devices eventually will replace payment cards at the POS. Fewer (61 percent) said they thought mobile payments would replace cash. Far fewer of either group (32 percent and 26 percent respectively) thought the change would take place in less than five years. And, while 44 percent of smartphone owners said they are interested in using their device to make payments, only 16 percent said they are strongly interested.

Harris said the indifference consumers showed to mobile payments stands in stark contrast to the introduction of debit cards, which responded to a clear need, “ combining the use-anywhere convenience of a credit card with the ability to draw from money in users’ checking accounts instead of incurring debt.” Mobile payments, the report said, have yet to make the compelling case to consumers that debit cards did.