Primary Data

Order Form

    This Report is available to members of Mercator Advisory Group’s Primary Data Service. Please be advised that this Report is normally part of a research and advisory service that provides ongoing support throughout the year. As such, this Report contains significant depth of content that is selected for its strategic importance to our members.

    While the Report represents significant analyst time invested, there is no means of our ascertaining if it will fully meet your specific intended purposes. Typically, these Reports form the basis for future discussions with our clients where we are able to fine-tune additional information that we have gathered in the construction of the series of Reports (or locate new information rapidly due to our exclusive focus on gathering information in the payments industry) for specific member needs.

    This individual Primary Data Report is not available as a single purchase. 

     

    Use the form below to request more information on becoming a Primary Data member.

     

     

     

Mobile Payments: Only If Relevant and Useful

U.S. Consumers Express High Interest in Wearable Technology for Banking and Payments

Mercator Advisory Group survey finds 2 in 5 consumers are interested in wearable technology, 50% of them for making payments.


Mercator Advisory Group’s most recent Insight Report from the CustomerMonitor Survey Series reveals that 38% of U.S. adults, especially young adults (62%), are interested in wearable technology devices with a mobile interface that enables various activities, which may include making payments or mobile banking. (These devices typically cost $100 or more.) When asked to rate the importance of 11 features to include on such a device, 50% of respondents interested in wearable technology considered mobile banking and, separately, making payments to be important.

Consumers are expressing growing interest in a wide variety of mobile payments in 2014 as they begin using mobile banking and more retailers provide mobile apps for payments. Mobile Payments: Only If Relevant and Useful, a report from Mercator Advisory Group, reveals mobile payments is of growing interest and use as 43% of U.S. consumers surveyed have tried mobile payments, up from 31% in 2013.

This study examines the demographic shift and changing landscape of Web-enabled mobile users, consumer use, interest, and satisfaction with mobile devices for payment for both payment acceptance and making payments in-store and online, use and brands of mobile-based card readers for money transfer services, use, interest and important features of new technologies such as wearable technology for payments, related payment features including e-couponing, e-receipting, e-loyalty as well as payment, balance, and fraud alerts.

The report findings are based Mercator’s CustomerMonitor Survey Series online panel of 3,002 U.S. adult consumers surveyed in June 2014.

“Now that most U.S. consumers own a smartphone and mobile ownership keeps rising, more consumers have tried mobile payments at online retailers and even in stores at checkout, thanks mostly to retailers’ mobile payment apps like Starbuck’s and others. Timely and useful e-coupons, discounts, and loyalty rewards and even e-receipt management stimulates mobile payment use. Consumer enthusiasm for new wearable technology demonstrates that consumers want to use mobile payments but only if it’s easy to use and embedded with other relevant functionality,” states Karen Augustine, author of the report and manager of Primary Data Services at Mercator Advisory Group, which includes the CustomerMonitor Survey Series


The report is 65 pages long and contains 30 exhibits.

Members of Mercator Advisory Group CustomerMonitor Survey Series Service have access to this report as well as the upcoming research for the year ahead, presentations, analyst access and other membership benefits.


Highlights of this report include:

  • Year-over-year trends in smartphone and tablet ownership by screen size 

  • Year-over-year trends in use and interest in various methods of in-store and online mobile payments and mobile payment acceptance methods

  • Demographics of mobile users and mobile payment users and satisfaction with operability of mobile phones

  • Challenges to mobile payment adoption, and confidence in security and reliability

  • Use of passwords or other types of security codes on smartphones and tablets

  • Shifts in use and delivery methods for six types of financial alerts

  • Shifts in use and interest in e-couponing, e-receipting, and apps for coupon and receipt storage and management

  • Use, interest, format, and importance of features for wearable technology including payments, mobile banking, and money transfers