Fifty-one percent of holiday shoppers favor an app from their financial institution instead of a third party such as Apple Pay, Android Pay or Samsung Pay, a mobile payment trends survey revealed.
INSIDE Secure's consumer in-store mobile payment trends survey, which was based on research from the Plano, Texas-based Research Now, also found those who don't use their mobile devices to make in-store purchases cited identity theft (70%), payment fraud (70%) and privacy concerns (71%) as their primary reasons.
Nevertheless, the survey, which examined the mobile payment preferences of 1,217 U.S. consumers, revealed mobile payment service popularity growth heading into the 2015 holiday season, with 39% of respondents planning to make in-store holiday purchases with their mobile devices this year – a jump from last year's 33%. In addition, 17% of respondents who did not use their smartphones to make holiday purchases last year said they planned to make the leap to mobile this year.
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Roy Urrico
Roy W. Urrico specializes in articles about financial technology and services for Credit Union Times, as well as ghostwriting, copywriting, and case studies. Also: writer/editor of a semi-annual newsletter for Association for Financial Technology since 1997 and history projects funded by the U.S Interior Department, National Park Service and Warren County (N.Y.).
