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Infographic: Consumers prefer mobile banking to mobile payments

Summary

Proponents of mobile payment technology tout the convenience of leaving your wallet at home. Yet, while consumers are eager to bank by phone, they’re not sold on buying by phone

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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.

Consumers prefer mobile banking to mobile payments
See related:Going mobile? Link payments to credit cards for best protection

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Published: April 8, 2013

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