Our findings reveal that mobile wallet and wearable categories are set to expand rapidly and there is no clear winner in sight just yet.
Boston, MA (PRWEB) June 16, 2015
A new study, from market research and consulting firm Chadwick Martin Bailey (CMB), finds mobile wallet use is growing. Findings from the study include:
- 2015 is the year when mobile payments take off. Familiarity and usage have doubled since 2013—15% have used a mobile wallet in the past 6 months and an additional 22% are likely to adopt in the coming 6 months.
- Barriers to mobile wallet adoption are diminishing overall. Security concerns remain the number one barrier to mobile wallet adoption; however, just 62% of respondents list security as the number one barrier, down from 73% in 2013. The near ubiquity of online shopping (86% have made a purchase from their desktop or laptop in the past 6 months) may be acclimating consumers to perceived security risks like identity theft.
- Wearables are set to pave the way for mobile wallet adoption. While many consumers don’t yet see the benefit to using their phone at the point of sale, the ability to scan a wearable device, like a smartwatch, at the register may help consumers overcome this convenience barrier. Nearly 40% of those highly likely to buy wearables in the coming year want it to come with mobile wallet functionality. Additionally, the majority of likely wearable buyers claim that the presence/absence of a mobile wallet has a major impact on their purchase decision.
“Our findings reveal that mobile wallet and wearable categories are set to expand rapidly and there is no clear winner in sight just yet,” says Jim Garrity, SVP of Chadwick Martin Bailey’s Financial Services practice. “The key to success will be to hammer home messaging around table stakes like benefits and security while simultaneously working to make the technology a natural extension of the user through incentives, alternate uses of wallet, and spend management, faster than competitors.”
About this Research
This study was done as part of CMB’s self-funded Consumer Pulse program. A report with additional findings from this study is available as a free download from Chadwick Martin Bailey. Data was collected through research panel Research Now from 1,716 consumers, ages 18+, who own a smartphone, via a nationally representative online survey questionnaire within the United States. The survey was conducted by Chadwick Martin Bailey in spring 2015.
About Chadwick Martin Bailey (CMB)
CMB is an AMA Gold Top 50 market research and consulting firm partnering with a select group of the world’s leading brands. Founded in 1984, CMB collaborates on game-changing initiatives including segmentation, invigorating brand health, rejuvenating tired trackers, driving loyalty, and product and service development. For more information, visit http://www.cmbinfo.com.