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Mobile Payments Surpasses e-Commerce as Top Trend Impacting Consumer Spending, according to CAN Capital SurveyNEW YORK, Nov. 30, 2015 /PRNewswire/ -- According to industry professionals, the growth of mobile payments technology is overtaking e-commerce as the largest trend impacting the spending habits of today's retail consumers. That's from a new survey by CAN Capital, Inc., the market share leader in alternative small business finance, conducted at financial services and payments conference Money 20/20 this October. Nearly half (47%) of over 160 payments and financial innovation professionals surveyed agreed mobile payments are changing retail consumer spending with an increase in e-commerce coming next (35%) and then personalized marketing and advertisements (18%). This is a significant change from last year's findings, wherein the majority of respondents (58%) said an increase in e-commerce was having the largest impact on consumer spending. This shift can likely be attributed to mobile technologies becoming more available to the average retail consumer since the launch of products such as Apple Pay, Samsung Pay and Chase Pay over the past year. In fact, according to research by eMarketer, in 2016, total mobile payment transactions are expected to reach $27.05 billion, with users spending an average of $721.47 annually. Total mobile payment sales will rise faster than average spending per user in 2016 because of the growth in the number of overall users of the technology. But when considering data reaches and cyber risks, which payment technology is considered the most secure for consumers? Fifty-eight percent agreed debit or credit card transactions at the point of sale remain the most secure form of payment, compared to online payments via processors such as PayPal or Square (22%) or mobile payments using a debit or credit card (20%). A Changing Payments Landscape for Small Businesses The evolution of payments technologies affects not only how consumers spend, but how transactions are processed. With technologies changing so quickly, small businesses can have a tough time keeping up. When asked what might be the biggest challenge in payments processing for small businesses, 49 percent of industry experts cited transaction fees, a ten point increase from last year's survey. The ability to comply with changing payments security standards such as EMV came in second (27%) followed closely by risk of data breaches (24%). "These results show just how rapidly technology is changing the payments landscape for small businesses and consumers alike," said Daniel DeMeo, CEO of CAN Capital. "Especially for small businesses, it can be costly to keep up with these technologies in order to offer consumers the choices they prefer when walking up to the cash register. At CAN Capital, we are able to work closely with our payments processing partners such as Worldpay to help small business merchants access the working capital they need to upgrade their systems and keep pace with the changing payments landscape." Note to Editors About CAN Capital Logo - http://photos.prnewswire.com/prnh/20141208/162823LOGO To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/mobile-payments-surpasses-e-commerce-as-top-trend-impacting-consumer-spending-according-to-can-capital-survey-300185276.html SOURCE CAN Capital, Inc. |