Mobile Payments: The Consumers’ Future Favorite?

As mobile commerce continues its rapid adoption by more and more companies, consumers’ comfort with paying by mobile will become increasingly important.

An interesting infographic released by mobile banking solution provider Intuit provides an informative look at consumers’ current payment behavior and preferences, and how these are evolving towards mobile payments.

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The much of the world today is clearly moving from cash to non-cash forms of payment such as credit and debit cards. Currently, the use of cash is expected to decrease by some 4% per year in the US, and will be only about $1 trillion by 2015. At the same time, Intuit’s infographic explores a additional trend towards “cardless” payments such as mobile, online, and NFC. Amounting to about $740 billion revenue in the US today, these alternate payments are expected to explode to about $2.7 trillion by 2015, dwarfing the amount of cash transactions.
At the moment, mobile payments represent about 5% of purchases, but they are growing quickly.
The infographic provides several key reasons why consumers today might not use mobile payments and found:

• 64% had security issues
• 61% prefer other payment methods
• 46% only use their phone for calls and e-mails

The key thing for any new technology is to convince consumers that it will make their life better. The infographic suggest that while only 9% consider mobile payments to be mainstream today, 83% expect it to be by 2015. Furthermore they expect that consumers using mobile payments will increase from 1.8 billion today to 2.5 billion by 2015.

For a larger view, visit the original infographic site.