Over 50 percent of smartphones use mobile payments
10/30/2013 03:50 pm
CUNA released a survey that finds that among smartphone users, more than half use their phone to make some type of mobile payment (defined as "any payment done using a mobile phone"). The survey also revealed that regardless of whether a smartphone owner uses mobile payments or not, security remains the foremost concern.
More than three-quarters of respondents (77.7 percent) listed security as their most serious concern. Other concerns were much less significant, no other category garnering more than 10 percent, including battery life of phone (6.9 percent), confusing to use (6.4 percent), not enough rewards/bonus features (5.1 percent), and inability to track a budget (4.0 percent).
"The fact that the overwhelming majority of smartphone users listed security as a top concern is a reminder to financial institutions and others that offer mobile payments that users won’t sacrifice convenience for security," said CUNA Executive Vice President Paul Gentile. “While there have been many advances made with mobile security in recent years, respondents’ concerns over security indicate financial institutions and companies in the mobile space must continue to stress their focus on security with their customers.”
Among respondents who use mobile payments, 91.6 percent indicate that ease of use is the greatest benefit. The most common single transaction dollar amount for a mobile payment was over $50 (34 percent), followed by less than $25.01 - $50 (9.2 percent), $10.01 - $25 (7.6 percent), $5.01-$10 (3.2 percent), and $0.01 - $5 (1.7 percent), 44.3 percent indicated that they don't use mobile payments.