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Commercial adoption of mobile payments will follow consumer adoption
New research from Mercator Advisory Group examines the likelihood of commercial card mobile payments gaining wide adoption
Published on: July 27, 2016 Author: Steve Murphy Alternate Point of Contact: Amy Dunckelmann
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.
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