The majority of smartphone users make mobile payments

by The Financial Brand

Security fears remain the primary concern preventing more smartphone users from adopting mobile payments.

A national study from CUNA reveals that more than half of all smartphone users in the U.S. say they use their phone to make some form of mobile payments (defined as “any payment conducted with a mobile phone”). Among respondents who use mobile payments, 91.6% indicate that “ease of use” is the greatest benefit. 44.3% indicated that they don’t use mobile payments at all.

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. 6.9% of smartphone users are worried about what would happen to a mobile payment should something go wrong with their phone (like the battery dying). Another 6.4% think mobile payments are confusing or difficult to use. One in 20 say there aren’t enough rewards/bonus features to make it worthwhile. And 4.0% blame the inability to keep track of their budget.

The survey also suggests that more women (54.5%) than men (47.6%) use mobile payments.

continue reading »