According to the research released by Credit Union National Association (CUNA) 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 %) listed security as their most serious concern. Other concerns were much less significant, no other category gathering more than 10 %, including battery life of phone (6.9 %), confusing to use (6.4 %), not enough rewards/bonus features (5.1 %), and inability to track a budget (4.0 %).
Among respondents who use mobile payments, 91.6 % indicate that ease of use is the greatest benefit. The most common single transaction dollar amount for a mobile payment was over USD 50 (34 %), followed by less than USD 25– USD 50(9.2 %), USD 10 – USD 25 (7.6 %), USD 5- USD 10 (3.2 %), and USD 0 – USD 5 (1.7 %), 44.3 % indicated that they dont use mobile payments.
When it comes to rewards, traditional payment methods are still preferred over mobile payments. Mobile payments were viewed the least favorably with regard to rewards, bonus features, and points (6.1 %). A plurality of respondents (41.8 %) preferred credit cards, while 25.9 % preferred debit cards, and 26.2 % were unsure.
CUNAs Mobile Payments Survey polled 1,046 people via the internet from a population of mobile phone users.
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