Two new research reports out this week give us the latest on consumers’ attitudes toward mobile and their overall usage of different payment methods. A product announcement also showcases broader digital wallet adoption.
Intuit announced that QuickBooks customers using the Safari browser can now view and pay invoices using Apple Pay on the web. The company said it is adding Apple Pay to the suite of payments offerings that integrate with QuickBooks Online.
“A recent Intuit survey found that almost 70 percent of small business owners felt that giving their customers more ways to pay will help them get paid faster, boosting their cash-flow and enabling long-term success,” Vinay Pai, vice president and head of Intuit Developer Group said in a press release. “In addition to being a first mover with Apple Pay, the QuickBooks platform gives small businesses the ability to integrate the tools they use to run their business, providing a simple, integrated view of their business performance and cash flow.”
A new Accenture study indicates that consumers are familiar with mobile payments, but that doesn’t mean they’re using them. The finding is from the Accenture 2016 North America Consumer Digital Payments Survey, a survey of more than 4,000 smartphone users in the United States and Canada.
The company said that, while the percentage of consumers indicating they are familiar with mobile payments has increased four points from last year to 56%, actual usage has remained the same at 19%. At the same time, usage of cash is falling. Sixty percent of consumers reported that they use it to make purchases at retailers at least once a week – a decrease of seven percentage points from 2015.
“We are seeing a gradual increase in consumer awareness of mobile phone payments options; however, adoption has remained flat over the past few years,” Robert Flynn, managing director of Accenture Payments in North America, said in a press release. “Consumers are content to use cash and plastic for their everyday transactions, and while the use of cash is declining overall, it is the most commonly used form of payment – and consumers expect it to remain so in 2020. To shift consumers’ payment behaviors will take more than just providing another ‘me too’ mobile payments option; leading merchants will identify and provide next-generation, value-added services.”
A study from Parks Associates indicated that 18% of smartphone owners have used a mobile payment app, with the PayPal app being the most commonly used at 12%.
“While PayPal is the clear market share leader, more merchants are requesting information from Apple Pay than any other mobile payment solution,” Chris Tweedt, Research Analyst, Parks Associates, said in a press release. “Apple has added a ‘Pay with Apple Pay’ button into its Safari browser, and the company has signed up 21 of the top 100 online merchants, with others to come. Likewise, Google has launched an Android Pay function into its mobile Chrome browser. PayPal’s counterstrategy is to leverage its large customer base and Venmo’s popularity to expand into in-store payments and earn revenue from transaction fees.”