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BizReport : Mobile Marketing : December 12, 2014

Survey: When consumers do - and don't - want to use mobile pay options

There has been a lot of buzz lately about the importance of new mobile payment options like Apple Pay and even Bitcoin. One survey has gone to the ground to see what consumers think about mobile payment options, and the results may surprise you.

by Kristina Knight

According to new data out from Stratos there is a social order in how they pay for everything from jeans at the mall to a business dinner with clients.

The Stratos Holiday Mobile Payment Survey found that while most smartphone users (64%) 'prefer using credit cards' to pay for things about half (54%) say it's only because they are used to using their cards. About one-quarter said they preferred to pay by card because smartphones don't always work while about 20% said they worried that it would take longer to pay using their phone than it would a typical card.

"Looking at these results, consumers feel more comfortable paying with their cards because they are accepted everywhere and can be much more convenient in various payment scenarios," said Thiago Olson, co-founder and CEO of Stratos, Inc. "We predict by the end of 2015, connected "all in one digital cards" like Stratos Card combined with paying with smartphones will be the preferred in store payment method for consumers. By 2016, we predict to see more in-store mobile payment volume made using connected devices and wearables than payment directly via phone. Although, mobile wallets like Apple Pay will continue to experience growth in places like grocery stores and big box, in social and business situations, we predict connected all in one cards like Stratos Card to be the preferred form of payment."

Other interesting findings from the report include:

• 15% said they worried they would drop the phone while paying
• Business dinners were the number one time to pay via card followed by meals with friends, dates and meals with kids
• 80% said their credit cards could be improved by linking to loyalty/points programs
• Consumers would like credit cards to include chip, pin encryption and GPS tracking

Image via Shutterstock

Tags: mobile marketing, mobile payments, mobile trends, Stratos Inc

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