When it comes to mobile payment solutions, consumers have many options. One of the top reasons that make people wary was concerns about security. This is a valid concern. Target had to pay victims $10 million for those affected by a hack last holiday season. Earlier this year news outlets reported Starbucks fell victim to hackers when their mobile payment system was exploited.
Adopting A Mobile Payment Solution
Businesses benefit when they allow their customers to use mobile payments.
- Payments are processed in minutes rather than days
- Payments can be easily verified
- Payments can be accepted 24/7 without live agent assistance
So if security protocols are in place, is there a way that companies can encourage people to use a mobile payment system? To understand this, a study was conducted to explore consumer motivations.
Discounts Or Coupons
Four thousand customers across the U.S. and Canada were surveyed in a study commissioned by Accenture, a tech consulting firm. Among those that didn’t currently make mobile payments, 54% said they would be more likely to do so if offered a discount or coupons.
Loyalty Or Reward Points
If offered loyalty, or reward points, 53% of respondents said, they would be more likely to use a company’s mobile payment solution. Notifications for upcoming events also served as an incentive, as this interested 35% of respondents.
Mobile Payment Methods
Here are two of the more popular mobile payment methods.
The survey also showed that peer-to-peer (P2P) payments had a high level of adoption. Consumer use of p2p mobile payments application had been used at least once by 46% of respondents. Most interesting was how 15% saying they make P2P payments on a weekly basis, with 5% of that saying they make P2P payments on a daily basis. This is likely due to the speed at which the transaction is completed.
Compass Pay Payments
Our mobile payment solution, Compass Pay, addresses the top concern that consumers have – security. As a PCI Certified Level 1 provider, any information that is processed, stored or transmitted through Compass Pay is done so on a secure server.