Study: Retailer Incentives Could Promote Mobile Payments
April 29, 2013
Convincing consumers to use their smartphones as payment devices could be helped along by access to retailer incentives, according to the results of a new survey from global consultancy Accenture. Sixty percent of consumers who already use their phones to make payments said they would be “highly likely” to do so more often if they were offered instant coupons from retailers when buying a phone. The survey also found about one in five non-users said that they would be more likely to use mobile payments if they received preferential treatment at retailers or coupons for future purchase that could be stored on their phones.
“Our survey reveals that current users and non-users alike can be incentivized to use their smartphones to make mobile payments through rewards for usage or other value-added tools such as receipt tracking,” said Jim Bailey, managing director and head of Accenture Payment Services in North America. “As consumers expect their smartphones to improve and simplify their lives, financial institutions, merchants, mobile network operators and technology providers should consider incorporating new mobile payment applications to encourage broad adoption as quickly as possible.”
The survey also found that security continues to weigh on consumer adoption of mobile payments. Forty-five percent of respondents who do not use their smartphones for mobile payments identify security concerns as a reason.