Societies are becoming more and more cashless. Money is less something we can touch and keep in our pockets, but rather just bits and bytes floating around in cyberspace. In addition, the retailers’ approach to payments has changed.
Payment is not just a necessary phase to enable sales, but an important part of the customer experience. Developing convenient and safe payment methods is currently a top priority for many retailers, banks, and other industry players. For consumers, this development means new, safe, and convenient payment methods that make their lives easier.
In-store mobile payments have increased from last year, as new payment options have become available. About half of Nordic consumers have used their mobile phone to pay for a product or service in a store. Nearly two-fifths of those have used a contactless payment app, 33 percent a tap-and-pay solution offered by their bank, and 18 percent PayPal. However, the impact of recently launched apps such as Apple Pay and other mobile wallets is yet to be fully rolled out. For mobile payments online and in-store, 7 percent have used Apple Pay, Android Pay (Google Pay), or Samsung Pay.
A security issue
Mobile payment is a fast and convenient payment method, but some resistance towards it still exists. Nearly half of mobile users do not see any benefits from using in-store mobile payments, especially as contactless debit and credit cards are already common use. Both are equally easy tap and go solutions, but credit and debit cards are more traditional and may seem more reliable. Another reason for not using mobile payment is a persistent perception of poor security: About a quarter of the Nordic consumers do not think mobile payments are secure enough.
78% of Nordic consumers who have used their phone to purchase a product or service normally use a credit or debit card
67% of Danes have used a contactless payment app for in-store purchases