According to The Payments Report issued by US management consulting firm Auriemma Consulting Group, sophisticated phones could soon dominate the US payments landscape by enabling consumers to use smartphones instead of other forms of payment, either via contactless chips that could be read at terminals or via downloadable applications. So far, however, predictions for smartphone devices replacing payments cards have proven to be premature and the use of smartphones for payments is unlikely to be the primary motivation in selecting either a new mobile carrier or a new phone.
Furthermore, the report has revealed that less than a third (30 percent) of US respondents would switch handsets in order to use their mobile phones to make purchases. This figure was slightly higher among consumers under age 45 (41 percent vs. 20 percent among older respondents). However, only 23 percent of US consumers reported considering switching mobile telephone providers in order to obtain a phone that has the ability to facilitate mobile payments.
Finally, the survey has found that consumer concerns about mobile security are still a priority. While 66 percent of polled who are unlikely to use a mobile wallet say they are already satisfied with their current payment methods, 73 percent of US consumers are worried about security.
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