Mobile Payments: Only If Relevant and Useful

DUBLIN, Jan. 26, 2015 /PRNewswire/ --Research and Markets

(http://www.researchandmarkets.com/research/8kb3cd/mobile_payments) has announced the addition of the "Mobile Payments: Only If Relevant and Useful" report to their offering.

New Survey Finds 2 In 5 Consumers Are Interested In Wearable Technology, 50% Of Them For Making Payments

This Report from the CustomerMonitor Survey Series reveals that 38% of US adults, especially young adults (62%), are interested in wearable technology devices with a mobile interface that enables various activities, which may include making payments or mobile banking. (These devices typically cost $100 or more.) When asked to rate the importance of 11 features to include on such a device, 50% of respondents interested in wearable technology considered mobile banking and, separately, making payments to be important.

Consumers are expressing growing interest in a wide variety of mobile payments in 2014 as they begin using mobile banking and more retailers provide mobile apps for payments. 'Mobile Payments: Only If Relevant and Useful' reveals mobile payments is of growing interest and use as 43% of US consumers surveyed have tried mobile payments, up from 31% in 2013.

This study examines the demographic shift and changing landscape of Web-enabled mobile users, consumer use, interest, and satisfaction with mobile devices for payment for both payment acceptance and making payments in-store and online, use and brands of mobile-based card readers for money transfer services, use, interest and important features of new technologies such as wearable technology for payments, related payment features including e-couponing, e-receipting, e-loyalty as well as payment, balance, and fraud alerts.

The report findings are based on CustomerMonitor Survey Series online panel of 3,002 US adult consumers surveyed in June 2014.

Now that most US consumers own a smartphone and mobile ownership keeps rising, more consumers have tried mobile payments at online retailers and even in stores at checkout, thanks mostly to retailers' mobile payment apps like Starbuck's and others. Timely and useful e-coupons, discounts, and loyalty rewards and even e-receipt management stimulates mobile payment use. Consumer enthusiasm for new wearable technology demonstrates that consumers want to use mobile payments but only if it's easy to use and embedded with other relevant functionality, states Karen Augustine, author of the report.

Highlights of this report include:
Year-over-year trends in smartphone and tablet ownership by screen size
Year-over-year trends in use and interest in various methods of in-store and online mobile payments and mobile payment acceptance methods
Demographics of mobile users and mobile payment users and satisfaction with operability of mobile phones
Challenges to mobile payment adoption, and confidence in security and reliability
Use of passwords or other types of security codes on smartphones and tablets
Shifts in use and delivery methods for six types of financial alerts
Shifts in use and interest in e-couponing, e-receipting, and apps for coupon and receipt storage and management
Use, interest, format, and importance of features for wearable technology including payments, mobile banking, and money transfers

Key Topics Covered:

Executive Summary

Method and Respondent Profile .

• Data Collection Approach
• Sample Profile

Introduction

Consumer Demographic Profile

• Rebound in Checking and Savings Account Use

An Evolving Mobile User Landscape

• Rising Popularity of Smartphones and Tablets
• Mobile Ownership Demographics
• Widening Disparity of Smartphone Penetration by Race and Income

Mobile Use and Satisfaction

• Mobile Payment Plan Use
• Satisfaction with Smartphone Availability
• Password Protection by Mobile Device
• Use of Financial Alerts

Mobile Payments: Use, Attitude, and Opportunity

• Consumers Try More Types of Mobile Payments
• Mobile Payments Use by Operating System
• Trust in the Mobile Channel
• Interest in Mobile Payments: Wallet, Text, Money Transfers, and Remote Deposit
• Use of Mobile Payments Compared to Use of Remote Check Deposit
• Growing Interest in Mobile Payment Acceptance and Applications
• Minimal Use Today of Mobile for Payments
• Coupons, Receipting, and Organization Create Value for Mobile Payments
• Electronic Couponing and Discounts Continues to Attract Smartphone Users
• Little Change in Use of Retailer Apps for Couponing and Payments
• Ownership of Mobile-Based Payment Acceptance Devices
• Is Wearable Technology The Next Big Thing?

Conclusions and Strategic Implications

For more information visit http://www.researchandmarkets.com/research/8kb3cd/mobile_payments

Media Contact: Laura Wood , +353-1-481-1716, press@researchandmarkets.net

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SOURCE Research and Markets