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first_img 4SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr Why aren’t smart phone users paying at stores with their phones? The short answer to this complex question is user loyalty incentives that integrate with a centralized mobile payment hubs and education on the security standards of mobile payment systems.Only 14 percent of U.S. adults with a smartphone or similar device plans to make even one purchase using mobile payments during the holiday season, according to personal-finance website Bankrate. Over the past year, only 28 percent of smartphone users made a mobile payment, according to the Federal Reserve.Part of what’s holding mobile payments back is there is a generational gap. The newest generation of shoppers, Millennials, are more comfortable making mobile payments than older generations. According to a report by the Consumer Technology Association, 70 percent of respondents between the age of 18 and 34 used a form of mobile payment, compared with 46 percent of respondents over the age of 35. Additionally, 35 percent of respondents between 18 and 34 years old say they’re comfortable replacing all forms of payment with mobile payments, compared with 27 percent of respondents over the age of 35.“Millennials rely on technology to allow them to shop in the most personalized and convenient way, and they’ll remain loyal to the brand that recognizes them for their loyalty status,” Don Yee, vice president at Boston Retail Partners, said. “In a way that loyalty will inspire them to spend more on a shopping trip and shop more often.” continue reading »last_img

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