Mobile Payments Are Taking over This Holiday Season
Smartphones are playing a vital role in this year’s holiday shopping season–not because people are buying more phones, but because they’re using their phones to carry out many of their purchases. According to the 2015 Bank of American Trends in Consumer Mobility Report, 38% of consumers shop for goods on their mobile devices, and 34% say they have used their phones in-store to complete a purchase at checkout.
Mobile banking has been on the rise for quite some time, and the Bank of America report indicates that 56% of Americans would now pay another person through a mobile banking app. Respondents were most inclined to pay family members (44%), friends (29%), and household helpers (20%).
A staggering 78% of respondents said they would be comfortable adding extra security to their mobile banking apps. The preference was mostly with fingerprint scanning (49%), but 43% of respondents said they would use a four-digit PIN to gain access to their bank account information through their phones. 34% said they would like retina scans, and 30% said they would use facial recognition technology.
In terms of how Americans use their mobile banking accounts, 74% said they check their balances on their phones, while 63% viewed their transactions. 55% transfer funds between accounts, and 38% use mobile banking apps to pay bills.
Juniper Researcher recently released a study that projects a strong growth in wearable technology over the next five years–with usage increasing from 10 million transactions to 100 million transactions by 2020. The Bank of America report indicates a piqued interest in wearables across the country that could support this data. While only 5% of respondents said they already have a smartwatch or similar wearable, 36% said they would consider purchasing one in the future.