Consumers are still skeptical about smartphone wallets, and are hesitating to use them for large purchases.
Payment processing company leader for the consumer direct brands industry, Litle & Co., has announced the results of its independent consumer survey that could help to identify the mobile payments trends for the upcoming holiday shopping season.
Sixty percent of the respondents had a smartphone or tablet, but only about 25 percent have used it to shop.
The research also determined that the price point that brands, retailers and marketers will want to target for mobile payments is between $20 and $100. Approximately 63 percent of mobile purchases fell within that range of spending.
The survey also found that consumers aren’t impressed with digital wallet mobile payments.
Their focus isn’t on the wallets for mobile payments, but is instead focused on debt and credit for the holiday season. Therefore, as marketers and retailers begin to polish off the last of the details for their holiday shopping campaigns, it is important to pay close attention to this type of information, which identifies just what preferences the consumers truly have.
The report also recommends that companies keep a close watch on the way that mobile payments and other transaction methods are used throughout the holiday shopping season, so that they can continually fine tune their campaigns and promotions. This will not only help them to ensure the greatest successes this year, but it will help them to better understand the direction that the market is taking so that future promotions can be better created and maintained.
The mobile payments study also identified a trend among consumers which focused more on paying now instead of later. Though 49 percent of the survey participants had at least three credit cards, 53 percent intend to use only the funds that they already have available to them (with 37 percent preferring debit and 16 percent making cash payments in person). That said when it comes to purchases over $100, the preference is still for credit over any other method.
Only 8.6 percent of smartphone owning shoppers believe that mobile payments wallets will change the way that purchases are made. The respondents showed that 71 percent had never used a smartphone swipe service.
Filed under: Featured News, Mobile Commerce, Mobile Payments, Trends · Tags: average mobile purchase, holiday season Mobile payments, how much are consumers spending, mobile commerce, mobile holiday purchases, mobile payments, mobile payments adoption, mobile purchase statistics, mobile shopping, mobile wallets, mobile wallets adoption, smartphone shopping, smartphone wallets