Why are Mobile Payments not working right now?
By Bahwan CyberTek, August 14, 2017
Why is that mobile payments are still not storming the financial world? Why are even adoption figures for mobile payments on the decline?
The answer lies with the millennial, who is the target customer for all the financial institutions across the world right now. Millennials, as you already know, are tech savvy. They can’t imagine a world without the internet. So, how have they lost their interest in mobile payments? And why do they prefer to write checks just like in the yesteryears?
The major hurdles are Security, Technical Problems & Acceptance Issues. Most Millennials have already tried their hand at mobile payments. But, due to unsatisfactory security, offered by most new payment systems, many have reverted to the old format of monetary transactions.
Vocalink, a payments system company, did a research on Millennials to check if the trend transpose is true. Following are the findings:
This leaves financial institutions in the wake of a huge opportunity. The numbers clearly show that even though hurdles exist, the market is still largely ready to accept change. We think that when financial institutions are ready to address the security, technical problems, and acceptance issues, the Millennials would also be ready to adopt back mobile payment systems.