Dive Brief:
- A new report from PwC says that companies must take mobile payments beyond the transaction and use them to enhance customer engagement to accelerate acceptance.
- Although projected to reach $142 billion by 2019, adoption and expansion of mobile payments has been sluggish in the United States, the report says.
- Additional research says that mobile advertising revenues will reach $15.7 billion by 2018.
Dive Insight:
A new report from PwC, Payments on the Go: Making Sense of the Evolving Mobile Payments Industry, says that in spite of a flurry of innovation in mobile payments, the industry continues to be fragmented. Companies must do more to accelerate the adoption of mobile payments, the report says, by offering consumers incentives to engage such as rewards, discounts and convenience.
With the direct access to consumers smartphone apps offer, data can provide merchants with context about mobile transactions that will help influence and measure sales. The success of apps like those offered by Starbucks, OpenTable, and Uber show that dedicated mobile payments can win customer acceptance, the report adds. But to achieve widespread adoption, mobile payments must build engagement while respecting consumers' emerging privacy concerns.
