Turns out cell phone users are not leery about using their phones to make purchases. According to a recent survey done by MasterCard a whopping 62% of the nation’s mobile phone users would be open to using their phone to make everyday purchases. Of course, younger consumers were more open to the idea then their older counterparts. 63%, of those between the ages 18 to 34 said that they would feel at ease using a mobile wallet, while only 37% of the over-35 said that they would be comfortable with it. Men were slightly more comfortable with the idea than women were but women were less impressed by someone paying a bill with a phone vs. a credit card. Pretty much all of those who said that they would use the phone to make purchases (62%) said that they would need confirmation that their information was secure before they would use the new technology. Considering that the mobile wallet would be the equivalent of a pay as you go card only larger and easier to keep track of however makes it very likely that consumers would have no problem with it.
The jury is still out on how widespread mobile payment usage will be. Some industry analysts say that it is the wave of the future and will become mainstream in time but others are calling mobile wallets simply a solution in search of a problem.
As always, stay tuned to Credit Cards Professor for more credit card news and updates.
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