Rewards Encourage Consumers to Adopt Mobile Payments
Consumers’ use of smartphones to make payments could rise through encouragement if financial incentives and mobile-based financial management tools are offered, according to an Accenture survey. Sixty percent of 4,000 North American smartphone users said they were highly likely to pay by phone more often if they could use their phone to track receipts. Other perks that would encourage more than half of respondents to pay via mobile included a way to manage personal finances, show proof of insurance, or show a valid driver’s license. Furthermore, if instant coupons from retailers, reward points for future store purchases, or preferential treatment were offered, more than 50 percent of respondents said they were more likely to engage in mobile commerce. Moreover, 32 percent of non-users said they would be more likely to pay via mobile if they could use their phones as proof of insurance or to track receipts. “As consumers expect their smartphones to improve and simplify their lives, financial institutions, merchants, mobile network operators and technology providers should consider incorporating new mobile payment applications to encourage broad adoption as quickly as possible,” stresses Accenture’s Jim Bailey. The biggest obstacle to consumer take-up of mobile payments are security concerns, followed by privacy issues and the convenience of cash, checks, or credit cards.
From “Rewards Encourage Consumers to Adopt Mobile Payments”
TechJournal (04/26/13)