A survey by PunchTab Inc. questioned 1,000 smartphone users across multiple demographic segments. The subsequent report, titled Mobile Payments: Consumer Insights & Recommendations, revealed which mobile payment apps and app features are most popular with consumers today.
Among those surveyed, 24 percent reported using one or more mobile apps to make purchases. Within this segment, the two most popular mobile apps cited were the Starbucks App (29 percent) and Google Wallet (25 percent.). Also making the grade were Visa Checkout (10 percent), PayPal Wallet (9 percent), Square Wallet (6 percent), Apple Pay (4 percent), Softcard (2 percent) and all others (15 percent).
Following the recent launch of Apple Pay, greater adoption of mobile payments is anticipated. "With the popularity of the Starbucks App and the launch of Apple Pay, mobile payment apps are top of mind for consumers as we enter 2015," said Robyn Hannah, Vice President, Public Relations and Communications at PunchTab.
But there are still hurdles to overcome. Obstacles cited by survey respondents included lack of a compelling reason to switch from traditional payment methods, difficulty downloading or using mobile payment apps, and concerns about data security.
App usage preferences among millennials (ages 18 to 34):
App usage preferences among adults ages 35 and older:
"It is clear that consumers are ready to accept mobile payments into their daily lives, but will only be won over by special offers, loyalty programs, and most importantly, a unified app that will work at multiple stores," Hannah noted. "Consumer expectations are high – the entire mobile payment process has to be convenient."
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