Generally, when high tech industries embrace a new technology they believe it will replace years or decades of accepted customer behaviour. Historically the new ‘silver bullet’ technology settles in amongst its peers and becomes one solution, not the solution. The same seemed to be happening in the world of payments, with a huge focus on smartphones and even NFC. This time, though, the industry may be right (although not just one technology is being embraced here).
Interesting research from ‘Harris Interactive found that 66 percent of Americans believe smartphone payments will eventually replace card payments and 61 percent say the same for cash. However, the survey also found that many consumers are currently not that interested in mobile payments themselves and believe the switch to mobile payments is several years or more off.’
They also believe that the greater acceptance amongst younger users is a marketing opportunity not to be missed.