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Convenience and speed drive the growth of mobile payments, new report by yStats.com reveals

Global Mobile Payment Methods: First Half 2016” is the new addition to the online payment report series by Germany-based secondary market research specialist yStats.com. The report tells of drivers and barriers to mobile payment adoption worldwide, while also highlighting some recent product launches and revealing the payment methods used by mobile shoppers in various countries.

Global mobile payment adoption is driven by young, tech-savvy consumers who value convenience and speed above everything else when making purchases. This is one of the findings of the new report by yStats.com. In South Korea, a frontrunner of the mobile payment trend, a majority of mobile payment users named convenience as the reason for paying via mobile as of early 2016, while more than 50% of those surveyed also indicated fast payment processing speed and one-third cited related promotions. In Europe and the USA, surveys show that mobile shoppers would like to have their payment details saved in order to be able to complete their next purchase with just one click.

Mobile payment FH 16

Remote usage of mobile payment services, such as for online shopping, remained ahead of in-store usage in 2015. Nevertheless, the number of proximity mobile payment users is projected to top 1 billion worldwide in the next three years, according to a forecast cited in the yStats.com report. Numerous new product launches and expansion to new markets during 2016, such as Walmart Pay in the USA, Android Pay in the UK and Samsung Pay in Brazil, encourage this trend.

Seeing no benefits from mobile payments and security concerns are the top barriers to mobile payment adoption, according to consumer surveys in countries such as the USA, Germany and the UK, cited in the yStats.com report. Innovative security features, such as biometric authentication, are being introduced to allay customers’ fears over mobile payment security.