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Beyond the Transaction: Every Transaction Has a Story

Most People Ready to Make Payments with Their Mobile Phone

2011 is the beginning of the NFC mobile payments era and consumers are eager to pay with their mobile phones at stores, stadiums, restaurants and etc. – for convenience or impress a date. Well, that’s what we found in a recent survey we conducted with U.S. consumers.

Defined as a mobile generation with its pulse on digital trends, 18-34 year-olds are particularly ready to take their transactions to the next level:

  • 63 percent of 18-34 year olds would be at ease using mobile phones to make purchases versus those age 35 or older (37 percent).
  • Consumers ages 18-34 (65 percent) feel more naked without their phones than their wallets, compared to 34 percent of those in the 35 and older group.

Obviously this shows us that the early mobile payment adopters will be dominated by the “younger” generation with a thirst for technology! However, a few other interesting data points from the research show some gender discrepancy and mobile devices define an individual’s personality:

  • More than half (54 percent) of respondents think that someone’s phone is more telling of their personality than their wallet.
  • More men than women (51 percent vs. 40 percent) who have a mobile phone would be at ease using it to make purchases.
  • More men than women (49 percent vs. 45 percent) would be impressed by someone who paid a bill with a mobile application than with a credit card.
  • Women more so than men (50 percent vs. 36 percent) feel more exposed without their mobile device than their wallets.
  • Of women, 45 percent (vs. 34 percent of men) would rather have their phones than their wallets surgically attached so they’d always remember them when leaving the home.

Despite reliance on mobile devices and general consumer readiness for mobile payments, the survey revealed that overall safety is a significant comfort factor in the decision to pay by phone.

  • Nearly 62% of respondents said they need confirmation that their personal information is safe in order to be comfortable making a transaction, underscoring trust and privacy as paramount factors in changing payment behaviors.

It definitely makes sense but fear not—MasterCard’s 45 years of experience and a team of experts will help put those fears to rest as we continue to refine our safety measures to be the most reliable in the world. We acknowledge there are a lot of myths circulating about the safety of contactless payments and we authored a recent blog post which is a great resource if you want to know the truth about safety.

So then, are you ready to swap your wallet for your phone?