Richard Moulds of Thales E-Security writes in Wired how mobile payment adoption has been hampered by security fears. The barrage of data hacks into big names retailers has eroded trust, the very thing needed to facilitate a new technology’s universal acceptance.
The Baymard Institute looked at 29 different studies from 2006 – 2014 that examined shopping cart abandonment and came up with an meta-average of 68.07%—meaning for every 100 shoppers who go through the motions of putting items in their cart, only 32% complete their transactions!
Commenting on the alarming rate of abandoned shopping carts, Adrienne Erin on the Retargeter blog tackles an issue that, unlike with their brick and mortar counterparts, disproportionately burdens web retailers. Using July 2013 data from the Baymard Institute, which put the average abandoned shopping cart rate at a whopping 67.45%, Erin identified five ways to reduce that figure.
The transfer from desktop to mobile computing is upon us. In an article on Time.com, author Ben Bajarin cites 2 key pieces of evidence.
BI Intelligence released a report that maintains that credit cards are immune to change—for the time being. The verdict for the hardware (such as registers and card readers) and Merchant Service Providers will have a more difficult time.
A recent article in The Telegraph announces that Apple is in discussions with UK banks to launch Apple Pay in early 2015, though there are some reservations on the part of banks:
Bain & Co surveyed 83,000 customers in 22 countries and found remarkable growth in the mobile channel in banking. In fact, customers reported significant more loyalty when their regular banking channels were augmented by digital channels—with mobile increasingly the favorite.
Traditional financial players have gotten too complacent as evidenced by the report issued by the Boston Consultancy Group. Not a single bank or financial company is on the list of top innovators.