Can mobile payment will succeed in the United States?

Can Mobile Payments Succeed In the United States?
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Abstract
Mobile payments refer to a method of a consumer making Mobile payments are attracting the attention of financial institutions and banking industries, but there is still a challenge in their success in the United States. The Mobile Payment Forum (2017) defines mobile payment as a transaction with monetary value that is initiated and completed over a smartphone, PDA, or any other mobile device over a cellular network. In this paper, mobile payment will be used to refer to the making of payments over cellular networks in exchange for goods and services. The paper focuses on finding reasons why mobile payments lag in the United States and conclude that mobile payments can be successful if all stakeholders involved introduce changes in influencing the attitudes of consumers. The stakeholders in the industries are mainly the consumers. One of the main challenges that marketers are facing is to change the mindset of consumers to embrace making payments over their mobile phones entirely. According to the findings from Pew Charitable research (Becker, 2016), the mobile payment commands only forty-six percent of the United States overall market. This statistical data is wanting, considering that about seventy-percent of the total U.S population own smartphones.
Can Mobile Payments Succeed In the United States?
Introduction
The introduction of technological transformations has created a wave of changes in consumer behavior as well as the manner in which businesses are responding to consumer needs. One of the changes has been in the way in which consumers pay for goods and services. Mobile manufacturers and developers of mobile applications have been at the forefront of offering consumers with a range of options when it comes to the use of mobile payments. Consumers in countries like China and countries in Africa have made an excellent response to the technology of mobile payments. The advantage of mobile payments is that they tend to focus on inclusion by reaching out to people in rural areas and those that do not have access to banks. While it is true that these advantages can cause a significant transformation in the financial sector, the United States has made a slow response to these changes. Scholars attribute the slow response to the established payment mechanisms and banking infrastructure that consumers have adapted over time. The United States lags in the use of mobile payments, but there is still room for the country to embrace mobile payments.
Reasons Why the United States Lags in the Use of Mobile Payments
Before delving into understanding how the U.S population can embrace mobile payments, it is crucial that one understands the reasons why most Americans have remained reluctant to appreciate the technology of mobile payments. One of the reasons is based on the tradition of credit card and debit card payments and the psychology behind it. Traditionally, most Americans have adopted the use of credit cards and debit cards (Becker, 2017). Compared to countries that have embraced the use of mobile payments in Africa and China as a whole, the United States was the first to welcome the use of credit cards...