Page 14 - Consumers and Mobile Financial Services 2014

6 Consumers and Mobile Financial Services 2014

Figure 1. Usage of mobile banking and mobile payments by mobile phone type

Used mobile banking in the past 12 months: smartphone 51%
Used mobile banking in the past 12 months 33%
Used mobile payments in the past 12 months: smartphone 24%
Used mobile payments in the past 12 months 17%
Used mobile payments in the past 12 months: feature phones 6%
Used mobile banking in the past 12 months: feature phones 3%

4
Quick Response (QR) code at the cash register. This mobile banking or payments, that they are comfort-
is being partially driven by the popularity of a single able with non-mobile options, and that they do not
retailer’s mobile payment app (Starbucks), which was see a clear benefit from using either service.
used by 14 percent of all people who make mobile
payments and have smartphones. Concerns about the security of mobile banking and
mobile payment technologies are also frequently
The greatest impediment to adoption of either cited as reasons why consumers chose not to adopt
mobile banking or mobile payments appears to be these technologies. Consumers again reported less
consumers’ limited demand for them: many consum- confidence in the security of mobile banking and
ers say their needs are already being met without payments technology in the 2013 survey than they
did in either the 2011 or 2012 surveys. Consumers
4 A Quick Response (QR) code is a type of barcode that has appear to be more cognizant of the need to protect
become popular as a means of quickly transferring information
to a device when scanned. Some mobile payment applications the extensive personal information stored on their
use QR codes displayed on the user’s smartphone screen to phones, as they are increasingly using passwords to
communicate the payment credentials to merchants when protect their smartphones. The share of smartphone
scanned at the POS. Other QR codes have become popular in
advertising because they can be scanned by mobile phones to owners who password protect their phone increased
direct users to a website where they can obtain additional infor- to 61 percent in 2013 from 54 percent in 2012.
mation on a product, service, or company.