Abstract
Boston, MA - October 7, 2009 -- Interest in mobile payments and
financial applications is high and growing in the payments and banking
industries. With 88% of the population carrying mobile handsets, it is a
channel that cannot be ignored or neglected by financial service providers. It
is not a uniformly equipped or utilized channel, however it is on a unique
maturity curve independent of other financial applications and channels.
Understanding the trajectory of that maturity curve is critical for financial
service stakeholders needing to establish a presence in the mobile channel.
Based on primary consumer surveys The Mobile Consumer: Well-Equipped But
Cautious report examines payment card and banking topics, highlighting
consumers' growing use of mobile devices,wireless and smart phones, and the
implications for growth in mobile payment and payment security applications.
This is the third Primary Consumer Payments report being offered as part of
Mercator Advisory Group' s newly launched Primary Data Series (PDS).
This new offering by Mercator Advisory Group provides access to a library of
valuable resources that combine both relevant payments and banking data with
experiential analysis focused on today' s most critical and strategic issues.
“Just as online banking' s growth took almost a decade to accelerate,
certainly the golden age of the mobile channel in financial and payment
services is still ahead of us. And given its tremendous consumer footprint, we
might concur that the sky is the limit for new applications,” Ken
Paterson, VP for Research Operations at Mercator Advisory Group and the
primary author of the report comments. “On the other hand, without a
firm foundation in consumer understanding and education, little progress will
be made toward increased adoption of mobile payment and security
applications.”
Based on a national sample of 1,012 online consumer survey panel survey
responses completed between May 28 and June 4, 2009, the report outlines
device usage patterns, experience with text messaging and alerts, experience
with security issues on payment cards, and acceptance of select mobile payment
and security applications.
Highlights of the report include the following:
- The vast base of mobile phone users, some 88% of adults, creates distinct
opportunities for payment applications across the various segments of handset
users.
- Consumer experiences with reissued payment cards make them conscious of
payment security issues, but they ascribe no particular security benefits to
the mobile channel.
- Text alert users, though a small segment today, show some positive
experiences with the service.
- When considering a range of payment and security services that might be
deployed in the mobile channel, smart handset users often distinguish
themselves as early adopters, and the most likely early prospects for mobile
payments services.
- On the other hand, mobile' s broad and diverse adult user base is very
cautious in signaling interest in online payment and security services.
Providers will need to incorporate consumer education needs and variable tech
sophistication into account when planning product launches.
One of the 13 Exhibits included in this report
The report is 34 pages long and contains 13 exhibits.
Access to the PDS library is offered as a subscription-based
membership, separate of Mercator' s Advisory Services (Debit, Credit, Prepaid,
International, Banking, Emerging Tech.) because it is composed of large
national sample surveys, a compilation of primary data (Cross Tabs), analysis
(summaries of the data set) and companion power points. This collection of
cost-effective primary data and analysis can be leveraged to validate research
initiatives and business strategies, refine operations and fulfill objectives.
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