Americans love their smartphones, but they’re not quite ready to ditch their wallets and embrace their phones as a mobile payment option.
A new study by marketing firm Placeable found that just 9 percent of consumers use a mobile payment when it’s available. What’s more, a whopping 42 percent of Americans have not made a single purchase on their phone.
“Smartphones may be an essential part of modern life, but consumers’ purchasing habits have been slow to adapt,” the study said.
Interestingly, although 70 percent of survey respondents reported trusting mobile payments, “they just don’t see a reason to use them,” Placeable said.
In other mobile payment news, Samsung aims to compete with Apple Pay now that it’s acquired LoopPay, a mobile payment startup, Forbes reports.
LoopPay is unique because it’s compatible with standard magnetic swipe terminals. Other mobile payments, such as Google Wallet and Apple Pay, work exclusively with Near Field Communication-based retail terminals, “which are supported by just about 2 percent of U.S. retailers,” Forbes added.
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For a deeper look into the slow-moving but likely unstoppable trend toward a wallet-less world, watch the video below.
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