Mobile Wallet Awareness Exceeds Uptake
A lot more consumers are aware of mobile wallets than interested in using them right now, according to a new survey.
Phoenix Marketing International offered that conclusion after surveying 3,013 respondents in the second quarter of this year, noting that 70% told the firm that they are aware of mobile wallets and only 20% saying they were interested in using one at this time.
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The Rhinebeck, N.Y., firm said interest in mobile wallets that does exist is driven by Millennials and Gen X users and that PIN-based authentication with a mobile wallet has substantially greater appeal over both NFC (Near Field Communication) and QR code scans.
“Although the market is in early stages of development, consumers clearly prefer to enter a PIN at the merchant terminal or on their smartphone,” said Greg Weed, the firm’s director of card research.
“Overall, cardholders preferred PIN over NFC and QR codes by a three-to-one margin, likely due to greater familiarity with PIN technology,” Weed said.
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As part of its ongoing research study, Credit Card Monitor, Phoenix surveyed 3,013 credit card owners in the second quarter of 2013 on a variety of topics including card ownership, use, wallet position, loyalty and mobile wallets, the company said.