Mercator Advisory Group has released the first of eight studies in its CustomerMonitor Survey Series 2013 Insight reports — “Mobile Payments 2013: Young Adults and Minorities Take the Lead.” Findings are based on primary research gauging consumer behavior and preferences in regard to various payment methods and banking channels.
The survey included 3,003 consumers in a representative sampling of the U.S. census demographic profile of American adults. Surveys were conducted online between May 28 and June 6.
The inaugural report analyzes the changing demographics of Web-enabled mobile users, and looks at aspects of use, interest and satisfaction with mobile devices in terms of both payment acceptance and payment transactions in-store and online.
As suggested by its title, the study revealed that young adults and minorities are at the forefront of mobile payments in terms of both use and interest.
They are also the most likely of all segments to be mobile-enabled: 75 percent of young adults; 73 percent of Asians; 70 percent of Hispanics; and 64 percent of Blacks own smartphones. This compares with an average of 55 percent smartphone penetration within U.S. adult households overall. Continue reading
Some day, Canadians will have the option to wave their smartphones over a cash register and be on their merry way, instead of swiping and punching into a credit or debit card terminal or fumbling for wayward coins and cash.
When that happens, it won’t likely be the pioneers of Internet payments such as PayPal providing consumers with mobile payment options, analysts say, but rather a group of old-timers — the country’s biggest banks and telecom companies.
The struggle to corner the so-called “digital wallet” market is pitting the Big Six against foreign-run alternatives like PayPal and Square in their quest to offer the best technology to transact contactless payments using smartphones and tablets.
In July, Royal Bank of Canada became the second bank in the last 12 months to launch a mobile payment solution — an application that enables clients to pay for goods and services by tapping their smartphone against a terminal.
The launch by Canada’s largest bank followed Canadian Imperial Bank of Commerce (CIBC) and Rogers Communications Inc.’s joint venture to replace credit cards with smartphones last November. RBC’s digital wallet prototype will debut on devices from Rogers’ rival BCE Inc. Toronto-Dominion Bank is also testing different mobile payment options, while Scotiabank is developing its own version called My Mobile Wallet. Continue reading