The majority of smartphone users (7 in 10) are shopping and/or browsing for products online and will use their smartphone for practically any type of purchase as long as it¡¯s convenient. These users are also more likely to use electronic payment methods than checks or cash. This, according to a recent study of 2,000 consumers conducted by research consultancy Market Strategies International.
Key findings:
¡°Smartphone users are shopping and purchasing through their smartphones at the rate we expected. However, we were surprised to see that users are buying physical goods at about the same rate as apps, indicating that the technology is on the verge of widespread adoption,¡± said Ann Graham Hannon, vice president of the financial services division at Market Strategies.
However, regardless of age, about one-third of study participants have browsed but have not purchased because they don¡¯t feel comfortable doing so. Clearly, providers of mobile phone payment solutions must address consumer concerns about security of personal information.
¡°The technology or financial services provider that moves first and fast in convincing customers that its mobile payments solution is secure and convenient will be well positioned as tech-savvy consumers move into greater use of mobile payment technology,¡± Hannon added.
