Fast Facts | ShopTalk | Moving Money: Consumers & Mobile Payments
Mobile payment usage varies by age but not by gender
Vantiv and Socratic Technologies conducted an online survey with 500 consumers to learn more about their mobile payment experiences.
Summary of findings:
- 28% of survey respondents have used a mobile device to pay at a retail location, with 12% of those using it to pay regularly
- It's no surprise that Millennials (46%) and GenXers (41%) are the heaviest users of mobile payments and use them more frequently
- Usage of mobile payments is consistent between males (29%) and females (28%)
- Mobile payment users wish they could use it at more locations (75%), but the availability of mobile payments has relatively low influence on store selection
- Three-quarters of mobile payment users believe it is faster than traditional cards and nearly two-thirds believe it is a safer way to pay
- While the majority of users have had a positive experience using mobile payments (73%), many express frustration with cashiers (60%), terminals (65%) and the variation in the process by retailer (57%)
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Education About Mobile Payment Safety and Instructions will Help Increase Adoption
72% of respondents indicated they have NOT yet used a mobile device to pay at a retail location. Of those, 38% are not interested, primarily because they don't think it is safe. 23% of respondents indicated they are interested, however, many are still trying to decide which device to select and others indicated they don't know how mobile payments work.
Attitudes about Mobile Payments Vary by Gender
Women are more likely to express some dissatisfaction with the mobile payments process compared to men. 66% of women believe the process is confusing because it changes from retailer to retailer, compared to 49% of men.
Also, 73% of women agree that cashiers are unfamiliar with mobile payments, compared to 50% of men who agree.
Among consumers who are not interested in mobile payments, 84% of women said because it is unsafe, compared to 61% of men.