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Even high wage earners want mobile pay discounts

first_img 19SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr A recent study found the number of North American consumers who know they can use their phones as payments devices rose nearly 10 percentage points to 52 percent in 2015. Despite this jump, actual mobile-payment usage grew by just 1 percent in the same time period.According to the study, sluggish retail implementation of mobile-ready point-of-sale (POS) terminals and the familiarity of plastic are two contributing factors to the pace of adoption. However, a missing loyalty component may be another reason the majority of consumers continue to choose swipe over tap.The “2015 North America Consumer Digital Payments Survey,” which polled 4,000 smartphone users in the U.S. and Canada, found higher wage earners are the most-avid adopters of mobile payments technology. Thirty-eight percent of smartphone owners with a minimum household income of $150,000 use their phones to make payments at merchant locations at least weekly. This consumer group’s tendency to patronize establishments that are ahead of the payments-evolution curve may contribute to their frequent mobile payment usage.Even for high wage earners, discounts are a powerful incentive. In fact, more than 75 percent of those consumers currently making mobile payments would use the services even more regularly if they were offered discounted pricing, coupons or reward points. Additionally, more than half of non-users would be encouraged to adopt mobile payments if they were offered the same benefits. A similar survey found 47 percent of those polled would use a mobile payment app if it were offered by their FI. continue reading »last_img

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