Progress and Challenges for the Mobile Payments Sector

Mobile payment transactions in the US are expected to grow by 201 percent by the end of the year. However, despite this projected growth, the market also faces some serious challenges.
According to an article on TechCrunch:

In fact, in a recent study on eCash we found “Only about 1 in 5 people (20.7%) in the U.S. that have an iPhone that works with Apple Pay, (this would be the iPhone 6 and newer versions), have even tried Apple Pay.”
To add salt to the wound, Tech Insider also discovered that 56 percent of users “have only used Apple Pay once during a typical week, and 15.3 percent say they have ‘never’ used it during the week.”
Why aren’t more people enjoying the convenience and ease of mobile payments? There are always numerous reasons for the variance in behaviors in the world of tech. In the world of mobile tech — where a monetary system is being set up and becoming an accepted avenue for the exchange of money and payments — there seems to be some concern.
Some have said that the system for money exchange in the mobile world was brokenbefore it began. But is this statement true? Let’s address some of the concerns about the world of mobile payments.
[…] Arguably the biggest concern regarding mobile payments is the fact that people are worried about security. In fact, during the Money 20/20 2015 Conference, Bryan Yeager, an analyst at eMarketer Inc., claimed that “mobile payment user growth is projected to grow to 37.5 million users in 2016, up 62%.”
However, it seems security is still prohibiting some of the mobile payments. Yeager informed the audience that “57% of US internet users cited security concerns the main reason they were hesitant to use mobile payment services.” He also stated that “62% of US smartphone owners that don’t use or plan to use a mobile wallet cited worries about security as the reason.”

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