In a new research note, The Outlook for Commercial Mobile Payments details a number of converging factors that suggest how commercial mobile payments may indeed gain faster adoption than many expect.
One factor is demographics: "The number of millennials entering the workforce is rapidly accelerating: 70% of adults ranging in age from 18 to 34 conducted some form of banking transaction (including payments) via a mobile phone during 2015 according to the Customer Monitor Survey Series," commented Steve Murphy, Director of Commercial and Enterprise Payments Advisory Service and author of the report. This compares to 31% for those between 35 and 65 years of age. This shift in preferences for mobile banking relationships among younger adults should also contribute to more rapid commercial mobile payments demand as the near-term point-of-sale environment evolves.
Highlights of the research note include:
- The current state of mobile payments adoption
- Graphical data from results of primary research on mobile banking and mobile payments
- Key momentum builders for commercial mobile adoption
- A point of view on the potential timeline for a tipping point in mass mobile payment adoption