US consumers remain wary of using mobile payment services from the likes of Google, Visa and Square due to concerns over what personal information their phones could tell retailers. According to a Nokia-funded survey carried out by the University of California, 74% of US internet users have no plans to start using their mobile device to make payments, with privacy continuing to be the main barrier to adoption. Some 96% of respondents claim that they are against any system that could use their mobile device to track them in-store, with 81% objecting to sharing personal information, such as their phone number or home address, with a retailer via a mobile payment. The report is just the latest indication that mobile payments may take longer than expected to enter the mainstream despite firms ranging from banks to mobile operators to credit card providers making a big push into the space.
Booking travel arrangements online has never been faster, cheaper, or more convenient for consumers. The rise of smartphones in particular has resulted in an uplift in last minute bookings, and with the younger generation driving the digital shift, travel operators need to deploy mobile-first experiences, or run the risk of being left behind.
New research by UN-based Better Than Cash Alliance show that Alipay and WeChat Pay enabled a total of $2.9 trillion in digital payments in China last year.
The Second Payment Services Directive (PSD2) is a payments regulation in Europe, which is set to drastically impact the infrastructure for banks, fintechs and businesses using payments data by opening up access to third party providers.
For e-commerce marketplaces, user experience has long been a prime focus. From aesthetic quality to ease of use, UX plays a major role in determining whether consumers stick with the platform long-term or abandon it in favor of a competitor.