A new study shows that retailers may have the most influence on the mobile payment adoption curve.
Cardbeat, a syndicated monthly publication of Auriemma Consulting Group, used a web-based survey administered to 502 credit card users in the United States during the month of June and discovered that just under a third of the respondents have mobile banking capabilities. Forty percent of respondents have downloaded a banking application within the last 12 months and about four out of 10 consumers make online bill payments from their phones, the survey says.
According to the survey, half of the respondents said they are very or somewhat uncomfortable with making mobile purchases from their phone due to security concerns and feel they have enough payment options and don’t see a need for a new one.
One-third of respondents were very or somewhat positive about making mobile payments and said it saves time and money. These respondents also think the concept is convenient and like the technology.
All respondents said that the most common place they would expect to use mobile payments would be in-person at a large retailer.
“It’s an interesting finding, because generally with a new payment technology people want to test it out with small purchases first,” Dr. Patricia Sahm, the managing director at ACG, said. “However, both the technophiles and technophobes say they’d feel more comfortable with a large retailer, where the average ticket size is fairly high, rather than the trivial amounts involved with feeding the meter. Large retailers give a sense of security that the consumer would have recourse in case of a problem, and their adoption of mobile payment technology will be a signal to consumers that it’s ok to try it.”