Rewards and Convenience Encourage Mobile Payment - Products News

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Rewards and Convenience Encourage Mobile Payment

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People who use their smartphones to make mobile payments would do it more often if they got rewards and had access to tools to manage their finances.

Accenture Payment Services asked 4,000 smartphone users in North America what would make them more likely to increase their use of mobile payment technology. The top two incentives were the ability to track receipts and special discounts when they make purchases with their phones.

They also liked the idea of being able to prove who they are with the device. Other reasons people said they would be more likely to pull out their phone were rewards to use for future purchases and getting preferential treatment for paying by phone.

Cash, credit, or smartphone?

Respondents said the following things would make them use the smartphone more:

  • Being able to track receipts – 60%
  • Getting instant coupons to use on current purchase – 60%
  • Having access to personal finance management tools – 56%
  • The ability to show proof of insurance – 56%
  • The ability to show a valid driver’s license – 54%
  • Earning reward points for making purchases – 51%
  • Getting coupons to store on phone for later purchases – 50%
  • Receiving priority customer service and other VIP treatment – 50%

Survey respondents who don’t use mobile payments cited security concerns, privacy issues, and convenience as reasons for not doing so. Sixty percent said they were worried about the security of mobile payments, 37% said that they were concerned with privacy, and 37% said that they find cash, credit cards and checks more convenient to use.

Lightspeed Research conducted the survey in October 2012 and respondents were from the United States (3,401) and Canada (601). Those polled were representative of the smartphone user population in gender, age and income.

Chase ranks high for mobile banking tools

If financial management tools motivate people to use mobile payments more often, Chase Bank is doing something right. They earned a score of 71 out of a possible 100 on Forrester Research’s 2013 Global and U.S. Mobile Banking Functionality Rankings. The average score of the 15 banks evaluated was 56, putting Chase ahead of the competition.

Chase Mobile offers its 13 million customers a variety of smartphone apps and mobile websites, as well as two-way text messaging service. Users can deposit checks, make person-to-person payments, pay bills, transfer funds, and initiate wire transfers via smartphone. These services work on Apple operating systems, Android, Windows Phone and Kindle Fire, giving customers many ways to access Chase Mobile.

All credit cards terms, fees and rates mentioned in this article/post are actual on the posting date. See the current products’ Terms & Conditions on the issuing banks' websites.
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