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Mobile Payments

Mobile payment users spend twice as much- report

Thursday 13 March 2014 | 08:32 AM CET

Mobile payment users, on average, spend almost twice as much through all digital channels than those not using mobile payments, recent findings indicate.

According to a new report from business consulting firm Bain & Co. while more than half of consumers are aware of mobile payments, only a quarter are willing to use their mobile device for in-store payments.

The report reveals that building a relationship with mobile payments early adopters could be beneficial for merchants, due to the fact that these users spend more than non-users by a rate of more than two-to-one in the US and UK and between 30 and 60 % more in France, Germany and Spain.

Additionally, consumers are not yet convinced of the benefits of  mobile payments, with 40 % of those currently unwilling to adopt saying that they do not see the need for changing their payment behavior.

Finally, the report reveals that the annual growth rate of mobile banking was 59 % in its first four years compared with a 35 % annual growth rate for online banking in its first four years and while only three to seven percent of those surveyed have used mobile payments in stores, 16 to 27 percent said that they are willing to try.

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