Mobile Payment Technology and Adoption

Payments have been digitalized and you rarely see people paying in cash these days. Mobile payment apps have taken it one step ahead, allowing you to make a payment by just tapping on your phone! With the evolution of technology, mobile payments have emerged to be incredible. However, take a look at why consumer mobile payment adoption is not happening the way it was expected to.

  1. Security Concerns

Customers who make a payment are worried about their personal information falling into wrong hands and hence, do not want to pay using any mobile payment technology. However, it is safe and there are multiple methods of encryption and security used to make sure that mobile payment technology is safe.

  1. Lack of awareness

People are not aware of the securities and benefits that are involved when you make a mobile payment. With mobile payment technology, customers will have a better level of safety and there are more offers, making it a great method of payment.

  1. Not accepted worldwide

Only in some parts of the world, mobile payment technology is being made use of widely and hence, people are reluctant to stick to it.

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