Mobile phones have increasingly become tools that consumers use for banking, payments, budgeting, and shopping. Given the rapid pace of developments in the area of mobile finance, the Federal Reserve Board began conducting annual surveys of consumers’ use of mobile financial services in 2011. This 78-page report, “Consumers and Mobile Financial Services” (March, 2015) examines trends in the adoption and use of mobile banking, payments, and shopping behavior and how the emergence of mobile financial services affects consumers’ interaction with financial institutions.
Survey Finds Growing Opportunity for Mobile Payments at Restaurants
Harbortouch, a national supplier of point of sale (POS) systems, published the results of a recent survey investigating the changing attitudes consumers have toward mobile payments technology. The results of the survey of 1,000 U.S. adults, fielded in April 2015, examined the current state of mobile payment adoption, and demonstrated a shift in consumers’ comfort level and acceptance, with a greater focus on interface and experience.
Mobile payment applications like Apple Pay and Google Wallet are enabling consumers to leave their cash, credit and debit cards at home, and pay for dinner or shop with friends all by simply using a mobile device. Early adopters are already reaping the benefits of this technology.
The Harbortouch survey took a deeper look into the current mobile payment landscape. Some of the more interesting findings include:
- The Future of Mobile Payments is in Restaurants – Out of seven categories, including entertainment and retail, one in four people chose the restaurant industry as the most likely to widely adopt mobile payments in the near future.
- Millennials Love Mobile Payments – Among those surveyed, Millennials were the highest percentage of mobile payment users, with nearly half of respondents (41.9 percent) falling into that demographic.
- Men Are Leading the Charge – Men are twice as likely to use some form of mobile payment compared to women.
- Addressing Consumers’ Pain Points – Of those surveyed who aren’t currently using mobile payments, 20 percent blame payment-related issues, like waiting for a server to pick up the bill or figuring out how much to tip, for hampering their dining experiences.
“One of the more interesting findings we uncovered from our survey is the growing desire for consumers to use mobile payment technology at restaurants. Currently, most mobile payment transactions happen in retail environments. There is now a unique opportunity for restaurants to gain a competitive advantage by making mobile payments part of the dining experience,” said Jared Isaacman, founder and CEO of Harbortouch.
Source: Harbortouch, via PR Newswire