Accenture survey highlights the growing prominence of mobile commerce
Accenture has released the results of a new survey comprised of data collected by 4,000 consumers in the United States and Canada. The survey highlights the growing interest people have in mobile payments and digital currencies. More people are beginning to base their lives on mobile technology, and the demand for mobile-centric services has been growing rapidly as a result. Several businesses are moving to become more mobile friendly, favoring strategies that engage mobile consumers more effectively.
40% of North American consumers are using their mobile devices to make payments at merchant locations
According to the survey, 40% of consumers in North America have used their mobile device to make a payment at a merchant location. This is a 16% increase over the number of people making mobile payments two years ago. The survey shows that millennials and high-income consumers are avid supporters of mobile commerce and digital currencies. High-income consumers, those with an average household income of $150,000, are the most aggressive adopters of digital payments, with 55% of these consumers using their mobile devices to make a purchase.
Growing number of consumers are showing favor for digital forms of currency
The survey also found that digital currencies are beginning to gain traction among consumers. Approximately 18% of those surveyed expect to be using some form of digital currency on a weekly basis by 2020. Many have shown favor for Bitcoin, as it is one of the most popular digital currencies currently available. High-income consumers are those most likely to use digital currencies in the coming years, with millennials accounting for the minority.
Mobile commerce has yet to become mainstream, traditional payments may continue to be the norm for some time
The survey predicts that traditional forms of payment will become less popular in the coming years. Respondents noted that they expect to reduce their use of cash from now to 2020, favoring mobile-centric forms of payment. Traditional payments may still be the norm for most consumers in North America, as it could takes years for mobile commerce to enter into the mainstream.
Some 200,000 retailers throughout the U.S. currently accept mobile transactions from Softcard and other NFC-based payment services. These retailers have adopted NFC-enabled point-of-sale systems that allow people to purchase products using their smartphones rather than credit and debit cards or physical currency. Softcard currently only works with a limited number of credit cards as well, supporting American Express, Wells Fargo, and Chase cards.