Can Android Users Trust Google With Their Cash?
Users of Google (NASDAQ:GOOG) Android phones are getting increasingly confident of using their mobile device to buy coffee, pay wireless bills, and purchase movie tickets. In March, almost 35 percent of Android users in a sample used mobile-payment apps, an 8 percent increase since August, according to market research firm NPD.
“Consumers are doing everything from basic utility (bill pay, moving money, and account management) to using the phone itself to pay for goods and services of limited value (micro-transactions), including buying a cup of coffee or movie tickets,” said Linda Barrabee, research director for NPD Connected Intelligence.
While money-on-the-mobile use was steadily growing, NPD added that for users to make a more full-fledged shift, such as with MasterCard’s (NYSE:MA) digital wallet, more security assurances will be needed. It suggested major industry players to come together to make the process as easy as using cash or credit cards.
“Ultimately, the success of mobile payment and wallet initiatives rests on changing entrenched consumer behaviors, and shifting the reliance on, and use of, physical wallets and all of its contents to a mobile (digital) version,” Barrabee said. “In order to do this, and facilitate on-the-go consumer transactions and commerce, wireless carriers, credit card companies, and e-commerce companies need to make sure the process is convenient, simple, and secure for consumers.”
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