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Future of mobile pay looks promising, but lots of work left to be done

Mobile payment technology is increasing, but still doesn't appear to be ready for prime time
By: Michael Hatamoto | Mobile Devices, Tablets & Phones News | Posted: Dec 13, 2014 10:44 pm

US consumers are estimated to spend up to $3.5 billion using their smartphones, eMarketer predicted, but that still doesn't mean mobile payment systems are quite ready for primetime. To help entice smartphone owners to embrace mobile pay, offering some type of discounts and e-coupons might be able to lead to higher adoption rates - otherwise, companies are spending large amounts in developing platforms that may be largely ignored.

 

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"No one has hit on the magic combination of features that will make people migrate their payment behavior," said Bill Maurer, dean of the University of California, Irvine's School of Social Sciences, in a statement published by CNBC. "Folks are used to the idea of pulling a court out of their wallet. That's a behavior established for over 30 to 40 years, and it's not going away overnight."

 

Apple Pay and CurrentC will likely help push the mobile pay industry forward at a rapid pace, but it looks like Starbucks is still the most prominent company. The popular coffee shop has 12 million customers paying using its mobile app, with 16 percent of transactions being done via mobile.

NEWS SOURCES:Cnbc.com, Bankrate.com, Static5.businessinsider.com

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