Despite rising Google Wallet adoption, a new survey suggests consumers aren’t all that anxious to ditch their leather bifolds to go digital. Out of a pool of 1,200 people, nearly 70 percent said they prefer to stick to the more traditional cash and credit/debit card methods used today. No NFC in the iPhone 5? No problem.
According to Charles Tran, founder of CreditDonkey.com, folks haven’t quite warmed up to the idea of using smartphones as wallets. In fact, most respondents said they have no plans to tap into the market anytime soon. The tepid reception is largely still due to the same concerns attached to the infant tech: security.
“Mobile apps and payment options are very new,” Tran said. “Since most consumers are not early adopters, they still prefer to shop from PCs and in physical stores instead of from Androids, iPhone and BlackBerries.”
The roll out of mobile payments has been slow in the early going here in North America — ISIS, the mobile payment system made up of Verizon, AT&T, T-Mobile, has been delayed, highlighting the problems facing the industry — while NFC growth in spots like South Korea and Japan continues on an upward trajectory.
Instead, Gartner analyst Avivah Litan believes systems like Square will have a bigger impact on U.S. mobile payments over the next few years. Maybe by then more folks will warm up to the idea of having a mobile wallet and give their back pockets a break.