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Half of Americans interested in mobile wallet
As mobiles play ever-increasing roles in day to day life, more consumers are interested in using their device to make payments. New research from consultants Carlisle & Gallagher Consulting Group reveals that almost half of Americans are interested in mobile wallets and many are interested in using alternatives to their banking provider.
The news is good for the mobile industry, but not so good for banks. Many of the 48% of Americans who are interested in using a mobile wallet would consider using alternative providers such as PayPal, Google or Apple.
A mobile wallet stores major credit cards, debit cards, prepaid cards, gift cards or vouchers, including PayPal and loyalty programs, in a smartphone or tablet and can be organized using a payment app. Through this app users can view and choose the credit card, voucher, or other option to make a payment.
According to the report, over three-quarters (76%) of those interested in using mobile payments are currently using, or intend to use, mobile banking today. Furthermore, eight in 10 would use PayPal as their mobile wallet provider while only six in 10 would use Google or Apple.
"People have already slowed their use of cash and checks in favor of credit and debit cards. Within five years, half of today's smart phone users will be using their phones and mobile wallets as their preferred method for payments," said Peter Olynick, Carlisle & Gallagher's Card & Payments Practice Leader.
"These customers will be using better tools to help them optimize transaction choices. Banks need to proactively consider how their products will stay 'top of wallet' in the new mobile wallet world."
To learn more about mobile wallets check out Carlisle & Gallagher's webinar, "Looking at the Mobile Payments Market: Do You Want to Be Top of Wallet?", taking place June 20, 2012 at 1:00 p.m. EDT /10:00 a.m. PDT.
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