It was a privilege to join senior executives from Wells Fargo, Mastercard and Visa in a timely panel discussion on “The Future of Tap & Go: Shaping the New Consumer Experience” at the Women in Payments 2020 U.S. Symposium on February 11th.
It was a privilege to join senior executives from Wells Fargo, Mastercard and Visa in a timely panel discussion on “The Future of Tap & Go: Shaping the New Consumer Experience” at the Women in Payments 2020 U.S. Symposium on February 11th.
The retail experience has changed in many ways over the years with advancing technology, but one major factor that has made an impact is payment security. According to the new survey from Ingenico and FreedomPay, “Emerging Trends at the Point of Sale,” security is the highest concern merchants have around the adoption of different payment methods.
Building loyalty isn’t just about gaining new customers but providing an experience for the existing ones to keep coming back for more. Mobile payment applications have created a tech-savvy way of engaging customers while providing a range of benefits for both them and the retailer.
Mobile wallet adoption in the U.S. is steadily growing, but it is lagging in comparison to some Asian and European countries. China specifically is reported to have very high consumer adoption for mobile wallets, while in the U.S., less than one-third of smartphone users are on board with the trend.
There are a lot of theories about why mobile payments haven’t caught on faster in the U.S. Some analysts say they might not be user-friendly enough — people have to unlock their smartphones and open apps to use them. Others say that consumers are concerned about the security of their payment and personal data. And there are always questions about how data from mobile payments could be used and whether it could cross the line and become an invasion of privacy.
