83% would prefer to tap their mobile devices to pay

Anne Freer | November 17, 2021

App Business

A whopping 83% of consumers would like to tap to use mobile payments if offered the option, citing both greater convenience (76%) and speed (73%) as reasons.

That’s according to a new data report from NMI based on a survey of over 1,000 consumers and 300 merchants in the UK and US.

Interestingly, the data also found that many small businesses in the US still do not offer contactless payments. In fact 34% don’t offer contactless compared to just 9% in the UK.

Customers however aren’t happy if cash is their only payment option.

According to cash-only SMBs, at least one customers has previously left a negative review because only cash was accepted in business.

Another 78% said they lost sales over the last month because customers simply didn’t have cash on them.

Although the mobile shopping and payment systems are now available, many smaller businesses are struggling to install them.

Paying for the system and setting it up (47%), installing the hardware (46%) and training their staff to use it (39%) were seen as the biggest hurdles in the area.

According to eMarketer in-store mobile payment app use is set to reach 101.2 million among US shoppers in 2021, following a 29% year-on-year growth from 2020.

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