The number of millennials entering the workforce is rapidly accelerating: 70% of adults ranging in age from 18 to 34 conducted some form of banking transaction (including payments) via a mobile phone during 2015.
Boston, MA (PRWEB) July 28, 2016
The mobile revolution continues but to date has yet to include use of the ubiquitous mobile devices as the primary vessels for making purchases at the point of sale. The generally asked question is when widespread adoption of mobile payments will occur. What can be reasonably concluded is that commercial mobile will be following consumer adoption. In a new research note, Mercator Advisory Group discusses the factors contributing to the current tepid but growing pace of consumer adoption and how that affects commercial mobile payments.
In a new research note, The Outlook for Commercial Mobile Payments Mercator Advisory Group details a number of converging factors that suggest how commercial mobile payments may indeed gain faster adoption than many expect.
One factor is demographics: “The number of millennials entering the workforce is rapidly accelerating: 70% of adults ranging in age from 18 to 34 conducted some form of banking transaction (including payments) via a mobile phone during 2015 according to Mercator Advisory Group’s CustomerMonitor Survey Series,” commented Steve Murphy, Director of Mercator Advisory Group’s Commercial and Enterprise Payments Advisory Service and author of the report. “This compares to 31% for those between 35 and 65 years of age. This shift in preferences for mobile banking relationships among younger adults should also contribute to more rapid commercial mobile payments demand as the near-term point-of-sale environment evolves.
Highlights of the research note include:
- The current state of mobile payments adoption
- Graphical data from results of Mercator primary research on mobile banking and mobile payments
- Key momentum builders for commercial mobile adoption
- A point of view on the potential timeline for a tipping point in mass mobile payment adoption
The note is 10 pages long and contains 3 exhibits.
Companies mentioned in this research note include American Express, Citibank, JPMorgan Chase, and U.S. Bank.
Members of Mercator Advisory Group's Commercial and Enterprise Payments Advisory Service have access to this report as well as the upcoming research for the year ahead, presentations, analyst access and other membership benefits.
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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.