In-Store Mobile Payment: The Leading Trend of 2015

Image © Tom Purves/Flickr.

Dec 17, 2015

This year is now almost on its way out. While 2015 has brought several changes and new introductions to mobile, the next year promises much, much more activity in this industry. One surprising trend that rather unexpectedly emerged this year was the willingness of users to make in-store mobile payments.

According to the new report released by Deloitte; ‘2015 Global Mobile Consumer Survey: The Rise of the Always-Connected Consumer’; this year marks the rise of mobile payments, with a growing number of users making payments via their mobile devices, at least once a week. The more surprising trend is that of customers using their mobiles to make in-store payments.

In-store payments, made via mobile, had registered a mere 5 percent in 2014. The figure has jumped to 18 percent this year. It implies that we can expect this industry to grow much further in the coming years.

The Younger Generation Takes to Mobile

Needless to say, the younger generation of mobile users was far more willing to pay via mobile. As expected, the older generation is not yet ready to adopt this method of functioning.

There could be many reasons for this. Prime among them is that not too many older users possess today’s state-of-the-art gadgets. Most of them prefer to use older devices that they have been used to working with. The other reason is, of course, the fear of a potential lack of security and privacy, which comes with using the present-day cutting-edge technology. Some of these consumers further stated that they would much rather trust traditional financial institutions to make payments, rather than the latest tech companies. 

Some users who preferred to pay by cash or credit cards cited a lack of adequate incentives as the reason for not using their smartphones and tablets for making payments. A few of these users additionally stated that they would be willing to consider paying via phone, if they were to receive some sort of clear benefit from this.

Other Online Purchasing Trends via Mobile

Deloitte’s survey further reveals the following trends:

  • Over 10 percent of users make purchases via mobile at least once a week.
  • More than 35 percent of consumers use their mobile to browse shopping Websites and apps. Hence, it would be safe to say that about one-third of users make online purchases on mobile.
  • About 11 percent of shoppers in the US use their smartphones and tablets to provide proof of purchase, at least once a week.
  • Nearly 15 percent of users use their smartphones to make a bill payment, at least once every week.
  • 8 percent of consumers in the US make in-store payments at least once a week.
  • One of the most important trends, as discovered by the survey, was that consumers were most likely to use their mobile devices as a leisure activity, while out shopping. This simultaneous usage of mobile, carried on alongside regular outside shopping activity, is a strong trend, ranging across several age groups.
  • Samsung Pay Introduces a New Gift Card Store

In Conclusion

Making in-store payments via mobile is evidently all set to takeoff in a big way in the coming years. Retail outfits will do well to recognize this rising trend and take full advantage of it, by making payment terminals available to their customers; also offering them easy mobile payment methods.