This individual Note The Outlook for Commercial Mobile Paymentsis available for purchase. This Note is available to members of Mercator Advisory Group’s Commercial and Enterprise Payments Advisory Service. Please be advised that this Note is normally part of a research and advisory service that provides ongoing support throughout the year. As such, this Note contains significant depth of content that is selected for its strategic importance to our members. (For a description of these services, see our Advisory Services section).
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The mobile revolution continues but to date has yet to include use of the ubiquitous mobile devices as the primary vessels for making purchases at the point of sale. The generally asked question is when widespread adoption of mobile payments will occur. What can be reasonably concluded is that commercial mobile will be following consumer adoption. In this research note, Mercator Advisory Group discusses the factors contributing to the current tepid but growing pace of consumer adoption and how that affects commercial mobile payments.
In this research note, The Outlook for Commercial Mobile Payments Mercator Advisory Group details a number of converging factors that suggest how commercial mobile payments may indeed gain faster adoption than many expect.
One factor is demographics: “The number of millennials entering the workforce is rapidly accelerating: 70% of adults ranging in age from 18 to 34 conducted some form of banking transaction (including payments) via a mobile phone during 2015 according to Mercator Advisory Group’s CustomerMonitor Survey Series,” commented Steve Murphy, Director of Mercator Advisory Group’s Commercial and Enterprise Payments Advisory Service and author of the report. “This compares to 31% for those between 35 and 65 years of age. This shift in preferences for mobile banking relationships among younger adults should also contribute to more rapid commercial mobile payments demand as the near-term point-of-sale environment evolves.
The note is 10 pages long and contains 3 exhibits.
Companies mentioned in this research note include American Express, Citibank, JPMorgan Chase, and U.S. Bank.
One of the exhibits included in this note:
(Click to Enlarge)
Highlights of the research note include:
- The current state of mobile payments adoption
- Graphical data from results of Mercator primary research on mobile banking and mobile payments
- Key momentum builders for commercial mobile adoption
- A point of view on the potential timeline for a tipping point in mass mobile payment adoption