A CUNA-commissioned survey has found that mobile payments have penetrated about 50% of the existing population of mobile phone users, the trade group said Tuesday.
(Click on graphic at left to expand.)
Opinion-takers spoke to 1,046 participants, all of whom confirmed they owned a mobile phone.
Of those, 51.1% reported using their phone to make a payment with 34% reporting they had used their phone to make a mobile payment for more than $50.
More than three-quarters of the respondents also reported security with their phones as their leading concern and this remained true whether or not they used their phones to make mobile payments (77.2% ) or not (78.3%).
"The fact that the overwhelming majority of smartphone users listed security as a top concern is a reminder to financial institutions and others that offer mobile payments that users won’t sacrifice convenience for security," said CUNA Executive Vice President Paul Gentile.
“While there have been many advances made with mobile security in recent years, respondents’ concerns over security indicate financial institutions and companies in the mobile space must continue to stress their focus on security with their customers,” he added.
Digital wallets was another topic the survey covered. Only 15% of the respondents said they would leave purses and wallets at home if they could. (See graphic below.)