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Table of Contents

Lead Story

EMV readiness becomes a numbers game

News

Industry Update

FTC preps for IoT opportunities, threats

Worldpay warns of online fraud spree

MCX braves upstream CurrentC launch

Trade Association News

Features

ISOs officially on ERP radar

Mobile consumer insights

Views

A defining year for payments

Dale S. Laszig
DSL Direct LLC

Risks from EMV liability shift, portfolio composition, non-U.S. cardholders

Marc Abbey
First Annapolis Consulting

Education

Street SmartsSM:
The five stages of merchant service sales

Tom Waters and Ben Abel
Bank Associates Merchant Services

Educate your customers, the EMV countdown is on

Michael Gavin
Cayan

Advances in data, automation speed FI merchant boarding

Matt Ward -Steinman
G2 Web Services

Who will take your place?

Vicki M. Daughdrill
Small Business Resources LLC

Company Profile

Unipagos

Anovia Payments

New Products

Personalized greetings, lasting relationships

SendOutCards
Deckard and Associates

Inspiration

Goal-line stand

Departments

Readers Speak

Resource Guide

Datebook

Skyscraper Ad

The Green Sheet Online Edition

February 23, 2015  •  Issue 15:02:02

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The Mobile Buzz:
Mobile consumer insights

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.

Consumer preferences

App usage preferences among millennials (ages 18 to 34):

  1. App can be used at multiple stores and integrates with specific stores (55 percent)
  2. App that is specific to one store (20 percent)
  3. None of the options given apply (13 percent)
  4. App that can be used at multiple stores (12 percent)

App usage preferences among adults ages 35 and older:

  1. App that can be used at multiple stores and integrates with specific stores (46 percent)
  2. None of the options given apply (25 percent)
  3. App that can be used at multiple stores (15 percent)
  4. App that is specific to one store (14 percent)

"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."

Notice to readers: These are archived articles. Contact names or information may be out of date. We regret any inconvenience.

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Spotlight Innovators:

North American Bancard | Harbortouch | USAePay | IRISCRM.COM