Mobile Payments Slow To Take Off - New Survey
Published on Jun 27 2014 1:47 PM in Technology
Businesses are failing to introduce mobile point-of-sale (POS), a new study has found.
In a survey of over a thousand UK small businesses by payment service company Kalixa, only 2% were using MPOS technology - accepting card payments by smartphones instead of point-of-sale terminals, to accept non-cash payments.
Issues identified as the reason for the slow adoption included the time it took for regular POS and current MPOS systems to settle the payment.
Current systems take up to ten days to process payments – slowing down cash flow for businesses.
Security is also a big concern for businesses - over half admitted this being a concern - as welll as connectivity of the MPOS devices (29%).
Colin Swain, head of product, innovation and insight at Kalixa Group, said micro-businesses are missing sales and face delayed settlement, with many citing “current payment technology as the culprit and mobile as part of the solution”.
Market adoption simply isn't there, he said.
Nearly half of those surveyed said multi-channel payments was key to growth while 38% said they will adopt MPOS in the near future once issues were addressed.
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