Less than one in 10 consumers in the US are prepared to pay for mobile payment and banking services, despite a surge in use in the past year.
Research from the Yankee Group has found mobile transaction volumes are expected to grow at a very high rate, with the estimated total value of global mobile transactions rising from US$162 billion in 2010 to US$984 billion in 2014.
However, the group’s consumer survey results also indicate that less than 10% of respondents would be willing to pay extra for mobile transaction services such as mobile banking, mobile coupons and mobile payments.
“Every silver lining comes with a big, fat cloud, and the much-hyped and even more anticipated mobile transactions explosion is much the same,” the report said, adding that in the US:
- Mobile banking: The number of survey participants who indicate they used mobile banking in the last three months increased from 19% of the base in 2009 to 31% of the base in 2010.
- Mobile couponing: The number of survey participants who indicate they use mobile couponing services more than doubled, from 5% of the base in 2009 to 11% of the base in 2010.
- Mobile commerce: The number of respondents who say they participate in mobile commerce grew from 8% of the base in 2009 to 16% of the base in 2010.
The research findings are different to those of a study in 2010 conducted by telecoms technology supplier Alcatel-Lucent with members of its Youth Lab, a group of teenagers and young adults from ten countries around the world, which found that 89% per cent of the participants would be willing to pay a monthly fee to get a mobile wallet service.
Next: Visit the NFCW Expo to find new suppliers and solutions