Infographic: Consumers prefer mobile banking to mobile payments
Proponents of mobile payment technology, which lets you link
a payment card to an app and pay with your phone, tout the convenience of
leaving your wallet at home. Yet a March
2013 Federal Reserve survey shows just how far apps like Square Wallet,
Google Wallet and Isis have to go to make that a reality.
Just 6 percent
of smartphone users have made a point-of-sale payment with their phone, while
more than a third of them don't see any benefit to mobile payments -- and would
prefer to pay with another method. Concerns about security are the main barrier
to mobile payment adoption, although they're becoming less of a concern, the
survey found. Thirty-eight percent of respondents in this year's survey said
they had security concerns, compared with 42 percent in 2011.
It's not that consumers are opposed for using their phones
for financial purposes. Nearly half (48 percent) of smartphone users used
their phones for mobile banking in the past 12 months, according to the Fed's "Consumers
and Mobile Financial Services" survey, which included 2,600 participants. Forty-two
percent have used their phones to comparison shop.
The graphic below shows what mobile banking users are doing with their phones.
See related: Going mobile? Link payments to credit cards for best protection
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