It's Cash Over Mobile Payments This Holiday Season
According to Bankrate.com, mobile payments just aren't catching on with U.S. consumers of age groups. "Just 14 percent of U.S. adults who use a smartphone or a similar handheld device plan to use services such as Apple Pay or Android Pay even once this holiday shopping season, including 19 percent of millennials," Bankrate states. "Among those who don't plan to make mobile payments, the top reasons were 'not secure enough' (36 percent) and 'other payment methods are more convenient' (31 percent)."
About 70 percent of shoppers will use cash or debit cards to pay for holiday purchases. 22 percent will use credit cards, Bankrate reports.
What's interesting about consumers and mobile payments is that the most common fear linked to digital payments -- angst over security breaches -- might be overblown. "The most common misconception surrounding mobile payments is that they are not secure," says Mike Cetera, an analyst at Bankrate. "Truth be told, fraud is much more likely to occur on ordinary credit and debit card transactions. And of course cash can be lost or stolen without any consumer protections."
