A third of global consumers expect mobile money to dominate payments within a decade, NTT Data predicts, while 31% of executives think mobile money “does not apply” to their business. “Among businesses that don’t accept mobile payments, 41% say it is because customers prefer paying by cash or check,” NTT Data says. 80% of millennial business leaders aged between 18 and 34 believe accepting mobile money boosts sales, compared with 51% of business leaders over 50 years old.
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Given the generally negative press, it should not surprise anyone that business is missing the move. Even when reporting numbers demonstrating that consumers like mobile, the tone suggests otherwise.
However, given the amount of software available, it is easy for business to jump on the mobile bandwagon. It is not terribly risky to be a few months late.
It is sort of like the Internet. I remember a meeting at the NYTimes where my colleagues were told that the Gray Lady would NEVER be on the Internet. Cooler heads prevailed and never only lasted a few months.