‘Shoppers’ Preferred Payment Methods Shift Towards Mobile and Wearable Devices’

A recent survey conducted by ABI for the NFC Forum has revealed that consumers are increasingly opting to use their mobile phones or wearables to make payments. The survey, which included over 2600 shoppers across nine countries, found that over 80% of respondents have utilized a smartphone or smartwatch for contactless payments.

This bi-annual study on NFC usage and adoption indicates a growing preference for digital wallets over physical ones, with factors such as security, convenience, and future innovations driving the shift towards device-centric payment methods. Notably, the research shows that consumers now favor mobile devices or wearables over contactless cards for making payments.

In comparison to other payment options like contactless cards, QR codes, and cash, NFC contactless payments were rated as the most secure, convenient, reliable, and easiest method for in-person transactions. The survey also highlights a trend where more than half of respondents opt to leave their physical wallets at home in favor of mobile payments, with 95% having done so at least once.

Andrew Zignani, a research director at ABI Research, noted the significant change in consumer behavior towards contactless devices. He emphasized the increasing use of mobile payment platforms due to their perceived security, reliability, and convenience. Zignani also highlighted the expanding applications for NFC technology beyond payments, such as tap-to-receive product information or digital key storage for cars and houses.

Mike McCamon, executive director of NFC Forum, emphasized the benefits of NFC technology in creating efficient, secure, and environmentally-friendly options for various industries. He mentioned the potential of multi-purpose tap, a new NFC concept that streamlines transactions by completing multiple actions in a single tap. This innovation is set to enhance usability and security across sectors like access control, payments, digital identity, and transport.

The study’s detailed findings and insights can be accessed at the NFC Forum website. This research underscores the growing preference for mobile payments and the expanding role of NFC technology in enabling diverse applications beyond traditional payment methods.