Page 10 - Consumers and Mobile Financial Services 2014

2 Consumers and Mobile Financial Services 2014

—Among those who own mobile phones, there is changed where they purchased the product as a
no clear correlation between mobile payment result of the information they found
usage and either income or education level
—42 percent of smartphone users have used their
• Among consumers who do not use mobile financial phone to browse product reviews or get product
services, the principal reasons cited for not using the information while shopping at a retail store, and
services are perceptions of limited usefulness and 74 percent of them changed the item they pur-
benefits, and concerns about security chased based on this information
—Of those not using mobile banking, the primary —69 percent of mobile banking users have checked
reason people cited was a belief that their bank- their account balance before making a large pur-
ing needs were being met without the use of chase in the past 12 months, and half of them
mobile banking (89 percent of non-users) decided not to purchase an item as a result of
their account balance or credit limit
—The primary reason people gave for not using
mobile payments was that they believe it is easier —24 percent of smartphone users have used their
to pay with cash or credit/debit cards (76 percent phone to track purchases and expenses
of non-users)
• Mobile phones are prevalent among unbanked and
—Concerns about the security of the technology underbanked consumers
were a common reason for not using mobile
banking or mobile payments (69 percent and —69 percent of the unbanked have access to a
63 percent, respectively, of non-users) mobile phone, approximately half of which are
smartphones
• Smartphones are changing the way people shop and
make financial decisions —88 percent of the underbanked have access to a
mobile phone, 64 percent of which are
—44 percent of smartphone users have comparison smartphones
shopped with their phone while at a retail store,
and 31 percent have used their phone to scan a —39 percent of underbanked consumers have used
product’s barcode to find the best price for mobile banking in the past 12 months
the item
—The share of consumers who are unbanked is
—68 percent of consumers who used their phones 11 percent, and the share who are underbanked
to comparison shop in a retail store have is 17 percent