Mobile Payments Now In Demand

A recent study has revealed that consumers are so comfortable with their mobile devices these days that they are actually demanding more mobile services from their banking institutions. In fact, some of the people surveyed noted that they had even switched banks just for the opportunity to use mobile banking services.

The independent research study was conducted in September 2010 and revealed that as much as 70% of respondents stated that they would stick with their current banks if they were able to send or receive funds via mobile phone. It also showed that as many as 71% of respondents stated that they would use mobile payments more frequently if the transactions were conducted within seconds.

Another method that was discussed during the study was the idea of e-commerce businesses getting paid via mobile phone, with 64% of respondents stating that they would be interested in receiving payments via credit card, e-check or debit card from customers using mobile devices.

Some other statistics from the study revealed some interesting facts about consumers, such as:

61% stated they were more likely to make payments via mobile phone if their banks provided the service…

58% stated they were interested in sending or accepting payments via text message, similar to the donations that were made for the Haitian earthquake relief…

56% stated they were interested in signing up for services that would allow them to send or receive funds from friends and family, as long as they were instantly transferred…

The research shows that consumers want more options for making payments through their banks via mobile phone devices. The market is now seeing a lot of providers that are not traditional banks that are looking to get into this market and replace these services that would typically be offered by the banking industry. The study reveals that a large percentage of the population that regularly uses mobile phones would embrace these types of services, although it is unknown how often they would be used if they came from businesses other than their personal banking services.

The way we send, receive and think about payments is changing rapidly. The old system of ACH debit payments is declining in use and popularity in a world that is becoming more and more mobile.

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