mXP: In which of the following scenarios would you be likely to use your smartphone for mobile payments?
Phoenix Marketing International (PMI) recently conducted a smartphone-based survey of 1,300 consumers through our new mXP platform to gain some additional insight into the question of consumer interest in using mobile payments.
When asked… “In which of the following scenarios would you be likely to use your smartphone for mobile payments?” we learned the following:
— Baby Boomers are far less likely to use Mobile payments than are either Millennials or Gen X’ers, however our current research shows there is an opportunity to convert Boomers. If you can get Boomers to use mobile payments, their usage patterns will mirror the younger groups both for In-App and In-store purchases at about 30% likely to use each.
— Millennials are more likely to use P2P payments, with 27% of that group likely to use versus less than 20% for older age groups. The younger group is also significantly less likely to click “buy” buttons in ads at 7% versus 12% for older age groups.
— Interest in payments through social networks is fairly low at 7%, but is consistent across age groups.
— One troubling statistic for proponents of newer systems is that a third of Millennials, a third of Gen X’ers, and 42% of Boomers have no interest at all in any form of mobile payments.
Our team has been digging into consumer attitudes around Apple Pay since its inception (http://bit.ly/1Adg98c), as well as other mobile payments platforms, and we would appreciate the opportunity to get you on the phone with Leon Majors, SVP for Phoenix Marketing International, to learn more about the results. He can also dive a little deeper into what they have
learned since Apple Pay was introduced last year. His colleague, Greg Weed, Director Card Marketing Research, PMI will be presenting Apple Pay research at this year’s Money 20/20 conference (http://bit.ly/1M1ZRa9) during his session on October 26th, Apple Pay: Consumer Adoption One Year Later.