Payment technology

Report: Mobile banking continues to gain traction

Mobile PaymentNew research from data analyst Rocket Fuel recently revealed that mobile banking is continuing to gain traction with consumers and numerous opportunities for credit unions exist to capture significant market share.

More than half – 59 percent – of 750 financial services consumers 18 or older who own at least one credit card and expressed an interest in mobile banking have used a mobile app for online banking or financial services, the report found. The majority of the use was to check account balances or pay bills.

Person-to-person payments, however, had an adoption rate of only 15 percent and virtual wallet services remained low at 7 percent.

The report also found that approximately 35 percent of adults will be in the market for a new credit card in the next six months, while consumers making $150,000 or more are 50 percent more likely to switch credit cards than those making $50,000 per year.

Additionally, 46 percent of those surveyed who have held their primary credit card for three years or less reported first hearing about the card online, while only 34 percent had heard about their card offline.

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