U.S. Consumers Express High Interest in Wearable Technology for Banking and Payments

Mercator Advisory Group survey finds 2 in 5 consumers are interested in wearable technology, 50% of them for making payments.

  • Share on TwitterShare on FacebookShare on Google+Share on LinkedInEmail a friend
Consumer enthusiasm for new wearable technology demonstrates that consumers want to use mobile payments but only if it’s easy to use and embedded with other relevant functionality.

Boston, MA (PRWEB) September 03, 2014

Mercator Advisory Group’s most recent Insight Report from the CustomerMonitor Survey Series reveals that 38% of U.S. adults, especially young adults (62%), are interested in wearable technology devices with a mobile interface that enables various activities, which may include making payments or mobile banking. (These devices typically cost $100 or more.) When asked to rate the importance of 11 features to include on such a device, 50% of respondents interested in wearable technology considered mobile banking and, separately, making payments to be important.

Consumers are expressing growing interest in a wide variety of mobile payments in 2014 as they begin using mobile banking and more retailers provide mobile apps for payments. Mobile Payments: Only If Relevant and Useful, the latest report from Mercator Advisory Group, reveals mobile payments is of growing interest and use as 43% of U.S. consumers surveyed have tried mobile payments, up from 31% in 2013.

This study examines the demographic shift and changing landscape of Web-enabled mobile users, consumer use, interest, and satisfaction with mobile devices for payment for both payment acceptance and making payments in-store and online, use and brands of mobile-based card readers for money transfer services, use, interest and important features of new technologies such as wearable technology for payments, related payment features including e-couponing, e-receipting, e-loyalty as well as payment, balance, and fraud alerts.

The report findings are based on Mercator’s CustomerMonitor Survey Series online panel of 3,002 U.S. adult consumers surveyed in June 2014.

“Now that most U.S. consumers own a smartphone and mobile ownership keeps rising, more consumers have tried mobile payments at online retailers and even in stores at checkout, thanks mostly to retailers’ mobile payment apps like Starbuck’s and others. Timely and useful e-coupons, discounts, and loyalty rewards and even e-receipt management stimulates mobile payment use. Consumer enthusiasm for new wearable technology demonstrates that consumers want to use mobile payments but only if it’s easy to use and embedded with other relevant functionality,” states Karen Augustine, author of the report and manager of Primary Data Services at Mercator Advisory Group, which includes the CustomerMonitor Survey Series.

Highlights of this report include:

  • Year-over-year trends in smartphone and tablet ownership by screen size
  • Year-over-year trends in use and interest in various methods of in-store and online mobile payments and mobile payment acceptance methods
  • Demographics of mobile users and mobile payment users and satisfaction with operability of mobile phones
  • Challenges to mobile payment adoption, and confidence in security and reliability
  • Use of passwords or other types of security codes on smartphones and tablets
  • Shifts in use and delivery methods for six types of financial alerts
  • Shifts in use and interest in e-couponing, e-receipting, and apps for coupon and receipt storage and management
  • Use, interest, format, and importance of features for wearable technology including payments, mobile banking, and money transfers

The report is 65 pages long and contains 30 exhibits

Members of Mercator Advisory Group CustomerMonitor Survey Series Service have access to this report as well as the upcoming research for the year ahead, presentations, analyst access and other membership benefits.

Please visit us online at http://www.mercatoradvisorygroup.com.

For more information and media inquiries, please call Mercator Advisory Group's main line: (781) 419-1700.

For free industry news, opinions, research, company information and more visit us at http://www.PaymentsJournal.com.

Follow us on Twitter @ http://twitter.com/MercatorAdvisor.

About Mercator Advisory Group
Mercator Advisory Group is the leading, independent research and advisory services firm exclusively focused on the payments and banking industries. We deliver pragmatic and timely research and advice designed to help our clients uncover the most lucrative opportunities to maximize revenue growth and contain costs. Our clients range from the world's largest payment issuers, acquirers, processors, merchants and associations to leading technology providers and investors. Mercator Advisory Group is also the publisher of the online payments and banking news and information portal PaymentsJournal.com.


Contact