Consumers who prefer to deal with their credit card debt using applications on their smartphones are also more likely to adopt contactless near-field communication mobile payment options.
As the use of smartphones becomes more ubiquitous around the country, so too does mobile banking, and consequently, the likelihood that these consumers will adopt mobile phone payment options grows, according to a new study by Javelin Strategy Research. About 84 percent of Americans currently own mobile phones, and a third of those are smartphones. About 20 percent of smartphone users have adopted mobile banking in the past year.
“Our research shows that mobile bankers are almost four times as likely as all mobile consumers to use their phones for mobile purchases today, make more frequent purchases, and report higher average purchase amounts,” said Beth Robertson, director of payments research at Javelin. “[F]our of ten of mobile bankers indicate that they would be very likely or likely to use their mobile phone to complete mobile contactless payments.”
Mobile phone payments are expected to become a huge industry in the coming years, rising to an estimated annual value of $44 billion by 2015.