A new study from the Yankee Group has poured some cold water on mobile payments adoption.
Only 16 percent of smartphone owners have used their device to make a payment in-store, the study found. Of those, 73 percent use them five times or less per month.
Yankee Group’s researchers also found that of the major wallet services available to consumers, PayPal remains the most popular. Approximately 15 percent of mobile spenders use the PayPal app.
“With the hype surrounding mobile wallets building on a daily basis, separating the signal from the noise has become increasingly difficult. The harsh reality is that despite billions in investment across the ecosystem, adoption of such mobile payment technologies has been far from illustrious,” Jordan McKee, a Yankee Group analyst who wrote the report, said in a Feb. 27 press statement.
In a recent commentary, Market Platform Dynamics CEO Karen Webster explored some of the latest developments in mobile payments. Read what she had to say by clicking here.
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