A new study reveals use of mobile phones to make in-store payments nearly quadrupled from 5% in 2014 to 18% today. Currently about 1 in 5 consumers using their phone to make a payment in-store.
According to Deloitte’s 2015 “Global Mobile Consumer Survey, the most popular uses of mobile payments were for public parking (19%), gas station purchases (18%), coffee shops and fast food dining (17% each).
Among the other most frequently cited uses, the survey finds that nearly one-third of those that browse shopping websites make an online purchase using their mobile phone.
Consumers between the ages of 25 to 34 were seen as driving the largest portion of mobile payment activity at 36%, with age groups 45 to 74 accounting for less than 10%.
Deloitte says to enable greater adoption rates in mobile payments, abating security concerns will be a top priority. Despite industry data that shows mPayments as more secure than other traditional payment methods, half of the survey’s respondents cited security concerns as the main reason for not using mobile devices for in-store payments.
In a related finding, consumers indicated they place the greatest trust in traditional financial intuitions like banks (49%) for in-store payments vs. other providers.
The report also found the Internet of Things (IoT) is taking shape as consumers are warming up to the next big thing, whether it’s home monitoring, health monitoring, or self-driving cars.
For data, background and forecasts on Mobile Payments: Search CardWeb.com’s CardFlash® Library of more than 58,000 archived articles; Access CardWeb.com’s CardData® for current and historical Performance, Portfolios, Profiles, etc. Visit RAM Research® (ramresearch.com) for quarterly and annual forecasts covering more than 150 metrics. [complimentary or deeply discounted access to CardWeb.com subscribers].
Additional database resources include CardWeb.com’s CardExecs® – comings & goings of payments movers & shakers; CardWeb.com’s CardWatch® – ears & eyes on marketing globally (57K items); and CardWeb.com’s CardPixes® – form & function of card design (7K items).