03 February 2023 21:42

MOBILE

Mobile Money

Food, water and clean air: All are essentials in our daily lives. But mobile devices? They may not be critical to survival, but a majority of consumers around the world (56%) can’t imagine life without them, and 53% say they feel anxious when their devices aren’t close at hand.

Indeed, for many consumers, mobile devices are a constant companion with powerful benefits. Among global respondents, 74% say they appreciate the freedom of being connected anywhere, anytime, and 70% strongly or somewhat agree that their mobile device has made their life better. This constant connectivity has changed the nature of connections. Fully two-thirds of global respondents (66%) strongly or somewhat agree that electronic interactions are replacing face-to-face ones, and almost half (47%) say they’d rather text than talk. In fact, interactions are turning into transactions.

Using Mobile as a Shopping Sidekick

For many consumers, mobile devices have become indispensable shopping buddies. More than half of global respondents say they use their mobile device when shopping to compare prices (53%) or look up product information (52%). More than four in 10 respondents use their device to look for coupons or deals (44%), make better shopping decisions (42%) or make shopping trips quicker or more efficient (41%).

Other findings include:

Mobile-banking activities, such as accessing account information (47%) and paying bills (42%), are more common than transferring money between bank accounts (36%). Usage rates are highest in Asia-Pacific.

Millennials are more than twice as likely as Baby Boomers and Silent Generation respondents to say they’re likely to use a mobile-only bank.

Mobile-only banking is most popular in developing countries with large unbanked populations; usage rates are highest in India (46%), Indonesia (37%), Mexico (34%) and Turkey (34%).

Security concerns top the list of mobile-banking barriers (53% of global respondents), followed by a preference for physical locations (31%) and not needing the service (28%).

Facial recognition software (41%) and check scanning/deposit technology (39%) are the most commonly cited features that mobile device owners want to see in future banking apps.

More than one-third of global respondents say they’re highly likely to transfer money to (36%) and/or receive money from (34%) another person using their mobile device in the next six months.

 

Read 1727 times
Share this article

Leave a comment

Make sure you enter the (*) required information where indicated. HTML code is not allowed.

Powered By MAXIMESS

We use cookies to improve our website. By continuing to use this website, you are giving consent to cookies being used. More details…