It’s the year of mobile payment adoption in the U.S., a new study from market research and consulting firm Chadwick Martin Bailey (CMB) reveals. Familiarity and usage of mobile payments have doubled since 2013, meaning that 15 percent of consumers have used a mobile wallet in the past six months and an additional 22 percent are likely to adopt in the coming six months.
Wearables are devices likely to help drive this mobile wallet adoption, the report finds. The ability to scan a wearable device, like a smartwatch at the point of sale may help consumers overcome a convenience barrier they see with smartphones. Nearly 40 percent of those highly likely to buy wearables in the coming year want it to come with mobile wallet functionality, the report finds. Security concerns remain the number one barrier to mobile wallet adoption; however, just 62% of respondents list security as the number one barrier, down from 73% in 2013.