By Shane Cashin
Abstract
This study aims to evaluate the American consumers drive for payment choice. With cash, credit, and debit still covering most of the payment transactions that occur across the country every day, there has been a trend toward the use of mobile payments as the technology improves and more businesses have started to offer these capabilities. We use the Federal Reserve’s Survey of Consumers’ Use of Mobile Financial Services to analyze some of the most recent data pertaining to consumer payment preference in order to evaluate the importance of m-payment accessibility, convenience, comfort, and perceived level of security. Using a logistic regression analysis, this study finds that as one of the primary obstacles preventing the widespread adoption of mobile payments, security does play a major role in the consumers’ decision to use (or not use) mobile payments today.
Faculty Advisor: Grace Kim, PhD.
