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BizReport : Mobile Marketing : March 04, 2015

Mobile Roundup: Mobile wallets upping the retail ante

Mobile wallets aren't going away. In fact, two new reports indicate mobile wallets are growing in importance for retailers despite safety and security concerns from shoppers.

by Kristina Knight

First, new data out from Walker Sands shows about 80% of consumers 'have concerns' about mobile wallet security. Those concerns range from security (57%) to privacey (48%), but about 40% have used mobile payment applications over the past year and most (59%) say they carry less than $20 in cash in their wallets.

Other interesting findings from the report include:

• 56% of shoppers say cash is the most secure payment option
• 11% paid for goods in cash in the day prior to the survey, in 2013 27% reported paying for something in cash on the day prior to the survey
• 4% have used Apple Pay, 18% say they 'are likely' to use a mobile wallet option in the near future

Meanwhile in the new Retail Perceptions report out from Interactions, researchers believe mobile wallets are quickly evolving from 'trend' status to actually be used often. According to their research nearly two-thirds (64%) of mobile wallet shoppers say they 'prefer to shop' with retailers that offer mobile payment options. The research also shows about one-third of shoppers are using mobile wallets to pay for goods.

"Whoever controls the eco-system is better positioned to see its rewards," said Jeff Engel, Sr. Vice President with Interactions. "At the moment, retailers are vying to become the market leader in providing mobile payment options for consumers but a frontrunner has yet to emerge."

Other interesting findings from the Interactions report include:

• 36% of shoppers say they've left a retailer who doesn't offer mobile wallet payments
• 59% say they've completely stopped shopping with retailers who don't offer mobile wallet payments
• 61% say they'd spend more with retailers who offer mobile wallet options

Image via Shutterstock

Tags: Interactions, m:commerce, mobile commerce, mobile marketing, mobile trends, mobile wallet, Walker Sands

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