Friday, May 20, 2011

Consumers Ready for Mobile Wallet, MasterCard Says

Consumers are now ready to use  their smart phones as mobile wallets, according to a new survey by MasterCard Worldwide. The study, conducted by Kelton Research, shows 62 percent of Americans who use a mobile phone would be open to using their device to make purchases wherever their errands may take them.

Younger users are expected to take the lead, as 18 to 34 year-olds are particularly ready to use mobiles for commerce, payments and credential storage.

According to the study, 63 percent of 18 to 34 year olds would be at ease using mobile phones to make purchases, compared to 37 percent of  those age 35 or older.

Between 2009 and 2010, respondents showed a 67 percent increase in the number of purchases made with their mobile phones.

As the mobile wallet goes mainstream, gender will play a role in how it’s perceived and used.  While men see their phones as functional necessities, women take a more personal approach to their mobile devices.

More men than women (51 percent vs. 40 percent) who have a mobile phone would be at ease using it to make purchases.

Despite reliance on mobile devices and general consumer readiness for mobile payments, the survey revealed that overall safety is a significant comfort factor in the decision to pay by phone. Some 62 percent of respondents said they need confirmation that their personal information is safe in order to be comfortable making a transaction, underscoring trust and privacy as paramount factors in changing payment behaviors.

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