Australians planning to purchase a new iPhone could avoid bank fees
The new iPhone 6 may have an impact on bank fee revenue in Australia, according to a report from Roy Morgan Research. The report shows that more than 1.5 million consumers throughout Australia have plans to purchase an iPhone within the next 12 months. While buying a new mobile device would not usually affect banking revenues, the new iPhone will serve as a mobile payments platform, supported by the Apple Pay service. The service could do away with banking fees entirely.
Report shows that many people planning to buy a new iPhone are already aware of mobile payments
The report shows that many people planning to purchase a new iPhone are already familiar with mobile payments. An estimated 29.4% of consumers in the country make a mobile payment regularly throughout any given month and these people are likely to embrace Apple Pay with enthusiasm. Many financial institutions are supporting the new payment service, but in doing so they may see reductions in the revenue they acquire through fees.
Younger consumers may be more apt to use Apple Pay
Those planning to make use of the Apple Pay service in Australia are also considered to have a “high spend potential.” The report shows that many of these people have a higher than average household income, but are not necessarily knowledgeable about mobile commerce. Younger consumers are expected to use the Apple Pay service more regularly, while older consumers may favor traditional commerce platforms that they have become quite comfortable with.
New mobile commerce services allow consumers to avoid bank fees
Mobile payments are becoming more common throughout Australia and the demand for mobile services is on the rise. Banks are beginning to accommodate this demand by offering their support to services like Apple Pay, but in doing so these banks may be exposing themselves to new risks. One of these risks involves a drop in fee revenue. Services like Apple Pay often allow consumers to avoid certain services offered by banks, which allows people to also avoid bank fees.
Report highlights the potential future of the mobile sector in Australia
InMobi has released a new report concerning mobile commerce activity in Australia. The report shows that many people are growing accustomed to the idea of paying for goods and services using their mobile devices. A growing number of people are using their smartphones and tablets to shop online and retailers are taking steps to begin accepting mobile payments in physical stores. In the coming years, Australia may become home to one of the most active mobile commerce markets in the world.
86% of consumers have plans to shop online from a mobile device in the next 12 months
According to the report from InMobi, almost 86% of Australian mobile consumers have plans to engage in some form of mobile commerce within the next 12 months. This is an 11% increase over the number of people that said they would participate in mobile commerce in 2013. Approximately 34% of consumers noted that mobile affected their purchasing decisions in a significant way. These people have been responding to mobile-centric initiatives and marketing more than others.
Mobile accounts for a large portion of overall media consumption among consumers
The report shows that the average consumer spends nearly 7 hours a day on media consumption, with mobile accounting for 23% of this consumption. Nearly 55% of mobile consumers throughout the country are now using their devices as their primary entertainment source, playing mobile games, interacting on social media platforms, and participating in other mobile-centric activities. The popularity of mobile technology has exposed these people to the idea of mobile commerce and many consumers have shown favor for it.
Security remains an issue that many people are concerned about in the mobile commerce space
Mobile commerce is still relatively new. As such, there are many risks and challenges that exist in this sector that have not yet been addressed. Security is the most serious problem facing mobile commerce currently. While several platforms have offered adequate security solutions to consumers, many more feature lackluster security that can place a consumer’s financial information at risk of exploitation.
