Mobile Payments Heating Up
An August 2014 survey by Accenture found that 41% of U.S. consumers had used their phone to pay at a merchant location. That’s up from 17% in 2012. (Accenture)
Among smartphone owners who made a mobile payment at a merchant in 2014, 31% did so by scanning a bar code or QR code; 22% used a mobile app that doesn’t require scanning a code or tapping their device; and 14% tapped or waved their mobile phone at the register using a Near Field Communication (NFC) chip (FED)
Awareness of mobile payments in the United States increased from 73% in 2012 to 84% in 2014, while the use of smartphones as a mobile payments device rose by 24% (Accenture)
According to a survey by the Fed, 39% of all U.S mobile payments users with smartphones made POS purchases with their mobile phone in 2014. (FED)
From 2012-2014 Consumer use of the smartphone as a mobile payments device has increased significantly over 2 years—by 24 percent in the United States and by 16% in Canada. (Accenture)
56% of consumers are willing to use their mobile device to pay for products they are shopping for. (Mobile Commerce Press)
Between 2012 and 2013 U.S. proximity payment transaction values doubled between to reach $1.59 billion as more consumers warmed to paying for their daily cup of coffee with their phones. eMarketer projects transaction values will double again this year to reach $3.50 billion and further accelerate through 2016. (eMarketer)
Mobile-based payments in the United States are expected to reach $142 billion in volume in 2019. (NY Times)
Mobile retail spend was $182 billion last year – when mobile accounted for around 15% of eRetail (Juniper Research)
Who’s Using Mobile Payments
Millennials are the most likely of any age group to use a smartphone to make mobile payments. (Accenture)
In 2013, 22.2% of men made purchases on a smartphone, compared with 18.2% of women. (Credit Cards)
GFK reports only 24% of mobile payments happen in Store in the U.S while Australia and Japan are leading the way with 41% (GFK)
16% of those aged 55+ have used their phone to make a mobile payment. (Accenture)
52% of Millennials use their smartphone as a mobile payment device. (Accenture)
41% of Millennials use their smartphone at least once a month to make a payment. (Accenture)
Why Consumers Love Mobile Payments
33% of consumers prefer mobile payments because they are fast. (GFK)
27% of consumers believe mobile payments makes shopping more efficient. (GFK)
28% of consumers believe paying by mobile payments is easier than other methods. (GFK)
Convenience is the main reason behind consumer interest in mobile payments. Approximately 58% of consumers said they favor the convenience that mobile commerce offers over more traditional forms of commerce. (Mobile Commerce Press)
67% of consumers would use mobile payments if they received special treatment such as a seperate line to speed payment (Accenture)
The Future Of Mobile Payments
Forrester predicts that remote mobile payments — that is, purchases made via apps and mobile websites — will be the largest area of growth over the next five years. The firm expects they will reach $91 billion in volume in the United States by 2019. (NY Times)
60% of consumers who already make mobile payments said they would probably do so more often if they received instant coupons as a result. (Accenture)
Studies by Visa show that Americans are twice as likely to carry a phone as cash; those between 18 and 34 are 4x more likely. (Forbes)
eMarketer predicts mobile payments will top $58 billion by 2017. (eMarketer)
BI Intelligence estimates that mobile proximity payment volume will grow at a compound annual growth rate of 153% from $1.8 billion in 2013 to $190 billion in 2018. (Business Insider)