While many consumers will be faced with the capability of making
mobile payments, some insights into future behavior may be gained from those already active.
Merchants, banks and the multitude of payment entities have their work cut out for them in
converting not-yet users, based on a new survey.
It turns out that active mobile payment users are more concerned both about making online purchases and security, according to the survey
conducted by the Kurt Salmon global financial services practice.
More than a third (37%) of active users say making an online purchase via a smartphone is not safe, compared to one in five
(21%) of all consumers. More active users (41%) than non-active mobile payment users (27%) consider their privacy to be at high risk when making a mobile payment.
While more than a third (37%)
of consumers rely on their smartphones to manage every part of their lives, that number shoots up to 68% among active mobile payment users.
An interesting tidbit in the survey is the amount of
time it takes to make a payment. At quick-serve restaurants, cash took the longest, at 15 seconds, compared to four seconds either by credit card or mobile payment.
Consistent with other
studies, this survey found that deals matter, and they matter more for active users (61%) than for non-active users (24%).
Compared to the same survey conducted in 2012, trading information
for lower prices stayed about the same at just over 10% while a fourth (27%) of active users would share as many details of their personal information as required to get a lower price.
We can
expect a flood of mobile payment studies to be coming out as all eyes are on Apple Pay and other new entrants, as I wrote about here yesterday (Mobile Payments & the Battle of 2 Ways to Pay).
Most interesting to watch
will be the potential evolution of behaviors after people start paying by phone.
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