In a new research note, The Outlook for Commercial Mobile Payments details a number of converging factors that suggest how commercial mobile payments may indeed gain faster adoption than many expect.
The mobile revolution continues but to date has yet to include use of the ubiquitous mobile devices as the primary vessels for making purchases at the point of sale. The generally asked question is when widespread adoption of mobile payments will occur. What can be reasonably concluded is that commercial mobile will be following consumer adoption. This new research note discusses the factors contributing to the current tepid but growing pace of consumer adoption and how that affects commercial mobile payments.
One factor is demographics: "The number of millennials entering the workforce is rapidly accelerating: 70% of adults ranging in age from 18 to 34 conducted some form of banking transaction (including payments) via a mobile phone during 2015 according to the Customer Monitor Survey Series," commented Steve Murphy, Director of Commercial and Enterprise Payments Advisory Service and author of the report.
This compares to 31% for those between 35 and 65 years of age. This shift in preferences for mobile banking relationships among younger adults should also contribute to more rapid commercial mobile payments demand as the near-term point-of-sale environment evolves.
Highlights of the research note include:
- The current state of mobile payments adoption
- Graphical data from results of primary research on mobile banking and mobile payments
- Key momentum builders for commercial mobile adoption
- A point of view on the potential timeline for a tipping point in mass mobile payment adoption
- American Express
- JPMorgan Chase
- U.S. Bank
For more information about this report visit http://www.researchandmarkets.com/research/26x5cd/the_outlook_for