Verifone NFC mobile wallet survey finds 57% of U.S. adults think mobile payments will be widespread in 3 years

The Verifone NFC mobile wallet survey finds that discounts and coupons will drive adoption of mobile payments

Verifone has commissioned StrategyOne to conduct a survey on their behalf of 1036 U.S. adult consumers. Whereas the findings of  the the Verifone NFC mobile wallet survey are in line with other recent studies, they do show slight shifts in education and what people expect from NFC mobile wallets and mobile payments.

The Verifone NFC mobile wallet survey findings:

Verifone NFC mobile wallet survey shows attitudes related to adoption

The Verifone NFC mobile wallet survey finds opinions appear to be slowly shifting with more positive findings occurring than were evident even a few weeks ago in other studies. NFC mobile wallets are becoming better understood and accepted as the future of how we will pay for goods and services, and we can see a slight change in how this is perceived by the general public.

• Over half of adults in the US, or 57% think mobile payments will become widely available over the next three years.
• 68% of adults surveyed agreed that credit and debit cards will always be a dominant form of payments for goods and services, regardless of new payment options.
• Nearly a quarter of consumers surveyed, or 22% said they are interested in using mobile devices to pay for goods and services.
• As found with many other surveys including the MasterCard survey, younger adults are more likely to use mobile devices for payments. Already 8% of the 25-34 age group use mobile phones for payments and lead adoption of NFC technology.
• Only 2% of those surveyed say they already use their cell phone to pay for goods and services.
• Verifone NFC mobile wallet survey shows only 22% of adults in the U.S. are interested in using their cell for payments

The Verifone NFC mobile wallet survey found that security was a priority

As we know well by this point, security is a major concern for people when it comes to financial transactions and this Verifone NFC mobile wallet survey shows this is still at the forefront of hurdles that card companies need to tackle.

• Nearly half the group (47%) said that a bigger adoption driver would be knowing that all their personal and financial information is completely secure.
• 39% of adults would feel confident their personal information is secure when using mobile payments if a regulatory organization certifies the transaction is secure.
• 63% think their personal information is more vulnerable when using a mobile phone for purchasing goods and services compared to debit or credit cards.

The Verifone NFC mobile wallet survey that benefits are creating motivation to try the technology

It turns out that the way to Americans’ hearts is through their wallets when it comes to NFC. The Verifone NFC mobile wallet survey highlighted an interest in value added services and discounts that will come along with the contactless payment technologies.

• 41% communicated they would be driven to use mobile payment technologies if they could apply discounts and coupons from their mobile devices.
• Nearly a third, or 31% of consumers would like to be able to take advantage of store-specific loyalty programs using just their phone.
• Respondents with a higher household income of $75,000 or more and those with college degrees are more likely to use mobile payment technologies by confidence in information security, coupon and discount offers and store-specific loyalty applications.

Verifone is paying attention to the overwhelming security concerns that the study uncovered. Dave Talach, Vice President of Global Product Management at VeriFone said, “There’s a clear consumer interest in mobile payments as well as well as a desire to connect with retailers and brands in personalised ways,” he added, “Providing additional benefits and gaining consumer trust through security in the retail experience will be key.”

But the fact that security is such a large concern isn’t lost on Talach who said, “Security is the ingredient required for success.” He went further by adding, “It’s not a nice-to-have flavour but a tenet that must be baked in to protect consumer transactions and trust in retailers.”

This is just another survey and we can draw only limited conclusions from it, but none the less the Verifone NFC mobile wallet survey has shown attitudes are a-changing.