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Mobile payment adoption to gain popularity: Survey

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Abhigna
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DURANGO, USA: As consumer use of mobile devices for financial transactions continues to rise, the results of research from small businesses released today by Mercury reveal mobile payment technology adoption is growing among small businesses and is expected to achieve 50 per cent penetration within five years.

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Key findings from the research demonstrate that merchants want to adopt mobile payments but prefer minimal or no point-of-sale (POS) system upgrades and they want the process to be easy.

A majority of merchants are on board to adopt mobile payments within the next two to three years, and most respondents indicated they would rely on their technology or payment provider to implement a mobile solution.

Additionally, nearly 40 per cent of merchants find value-added services very important and most respondents are already using value-added services or have interest in deploying.

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"More than half of the people in one of our surveys were the owners or operators of their small business," said Randy Clark, senior vice president of marketing for Mercury.

"It is clear from the results mobile payments will continue to gain popularity over the next three years and the dealer relationship is most important when choosing a payment processor provider. Merchants also report heavily reliance on the payment processor to help them implement a mobile solution," added Clark.

While interest is high in mobile payments adoption, POS system upgrade cycles are usually between two and three years. While adoption varies by POS type, almost 65 per cent of respondents plan to accept mobile payments within three years.

Additional findings from survey respondents:

* Nearly all (99 per cent) of respondents accept credit and debit cards.

* Unified technical integrations with POS (no additional hardware needed) is a key functionality requirement with 71 per cent ranking this most important.

* 47 per cent report the POS developer or dealer influenced their decision most when choosing a processor.

* A full 71 per cent of respondents would rely on their technology or payment provider to implement a mobile solution.

* 46 per cent prefer to adopt technology only once it's been tested and proven to work.

* 64 per cent evaluated two to three payment processors before deciding on their current processor.

* POS system financing is the most important payment processing feature respondents considered when purchasing a POS system.

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