A CUNA-commissioned survey has found that mobilepayments have penetrated about 50% of the existing populationof mobile phone users, the trade group said Tuesday.

The association usedSurveyMonkey to survey respondents with questions it hadprepared.

(Click on graphic at left toexpand.)

Opinion-takers spoke to 1,046 participants, all of whomconfirmed they owned a mobile phone.

Of those, 51.1% reported using their phone to make a paymentwith 34% reporting they had used their phone to make a mobilepayment for more than $50.

More than three-quarters of the respondents also reportedsecurity with their phones as their leading concern and thisremained true whether or not they used their phones to make mobilepayments (77.2% ) or not (78.3%).

“The fact that the overwhelming majority of smartphone userslisted security as a top concern is a reminder to financialinstitutions and others that offer mobile payments that users won'tsacrifice convenience for security,” said CUNA Executive VicePresident PaulGentile.

“While there have been many advances made with mobile securityin recent years, respondents' concerns over security indicatefinancial institutions and companies in the mobile space mustcontinue 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 homeif they could. (See graphic below.)