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Consumer Mobile Payment Trends: Another Uptick in Demand for Mobile Payments

Consumer interest in mobile payment apps is increasing for the second consecutive survey. We’re also seeing greater confidence in the security of payment apps, though the issue of security remains a key obstacle to wider adoption by consumers.

The December 12-30 survey of 4,125 primarily North American consumers from 451 Research’s Leading Indicator panel also took a look at payment app preferences and customer satisfaction.

Excerpt of full report:

Consumer Demand for Mobile Payment Apps. Planned use of mobile payment apps has increased for the second survey in a row, reaching its highest level since we began asking this question back in 2014.  A total of 29% of smartphone owners say they’re likely to use mobile payment apps over the next 90 days (15% Very Likely; 14% Somewhat Likely) – a 1 point increase since the previous survey in September and 5 points higher than six months ago.

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Security is Key to Encouraging New Users.  We asked unlikely users what would drive them to adopt mobile payment apps.  Two-thirds (66%) cite Security Against Fraud that is Better Than Traditional Payment Cards as a factor.  A total of 35% say they want to Receive Discounted Offers, while 26% would use them if it helped Avoid Queuing at the Cash Register. 

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Report details also include:

Consumer Demand for Mobile Payment Apps

Competition Among Services

Customer Satisfaction

Most Important Factors Among Consumers

Perceptions of Security

Encouraging Wider Use of Mobile Payment Apps

Corporate Market: Mobile Payment Trends

Learn more about Voice of the Connected User Landscape here. 

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The Intersection of IoT and Payments: An Emerging Commerce Opportunity

Join 451 Research analysts Christian Renaud, Research Director, IoT and Jordan McKee, Senior Analyst, Mobile Payments to learn how IoT and connectivity are shifting user behavior and payment vendors' offerings, and will ultimately make transactions far more integrated while far less visible to consumers and enterprises. In this webinar we’ll examine previous attempts at integrated commerce, discuss what worked and what didn't, and detail the drivers underpinning the next frontier of commerce. Throughout the discussion, 451 will leverage recent insights from its Voice of the Connected User Landscape and Voice of the Enterprise: IoT surveys to paint a 360 degree picture of the key opportunities rapidly emerging at the intersection of IoT and payments.

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Introducing Customer Insight: Voice of the Connected User Landscape

Today, we are excited to announce the launch of a new data product offering from 451 Research - Customer Insight: Voice of the Connected User Landscape (VoCUL). 

VoCUL combines 15-plus years of accurately predicting trends on consumer and business technology buying plans from our leading indicator surveys with topical deep dives and segmentation capabilities of our US population representative surveys. The Leading Indicator respondent panel provides a highly accurate view of new and emerging trends in key technology markets. The Representative respondent panel provides a view into how these trends are materializing in the mass market among different segments of the population.

VoCUL answers key questions for service providers, vendors and investors trying to understand trends and disruptions in how consumer and corporate users buy and use technology.

- Who will gain market share, and at the expense of which competitors?
- What will be the key features driving purchasing decisions?
- What will trigger new purchases, and when?
- Which retail channels will end users buy from?
- Which devices and services are capturing the most attention of users?
- Where are the biggest opportunities and threats?
 
451 Research clients can subscribe to five Voice of the Connected User Landscape service lines – Endpoints and IoT, Service Providers, Mobile Enterprise, Mobile Pay and Commerce, and Macroeconomic Outlook – or to individual topic areas.

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Learn more about VoCUL here!
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