59% of consumers want to use their phone to make purchases at the point of sale

By Sarah Clark • • Updated • nfcw.com

The majority (59%) of consumers are interested in using their phone like they would a credit or debit card at the cash register to make a purchase, according to a new survey conducted by StrategyOne for Firethorn, a mobile commerce specialist owned by Qualcomm.

The results of the survey have been published in a white paper which can be downloaded from Firethorn’s website. Key findings include:

  • 64% of consumers say they are interested in using their mobile phones as a shopping assistant for price comparisons
  • 61% are interested in using their phone to access credit card details, balances and transactions
  • 59% would like to use their phone to organize and tracking their gift card, loyalty and reward accounts
  • 76% say their mobile phone allows them to stay on top of things
  • 41% of consumers use productivity applications on their mobile phone at least once a week.
  • More than two–thirds (68%) of adults are excited about new mobile phone features and capabilities
  • 85% of consumers said that they like to be on top of their finances daily
  • Three–quarters (76%) wish there was an alternative to carrying around a wallet stuffed with cards, money, offers, coupons, etc.
  • 96% of those who use mobile banking services are positive about the experiences
  • Nearly two–thirds (62%) of consumers say that they are likely to download and use a free account management application that would allow them to organize and track their financial and shopping account information.

“Consumers increasingly rely on mobile phones to stay organized and informed, and many are interested in learning about and using new mobile phone applications such as those that feature mobile banking and mobile commerce capabilities,” says Firethorn. “When it comes to finances, consumers constantly want to know where they stand, but they need help.”

“The current economic climate has finances top-of-mind with most consumers, giving financial institutions a prime opportunity to actively engage consumers via mobile banking channels,” says Firethorn’s Dave Vigil. “As this study clearly shows, the access and consumer appetite is there — now is the time to act.”

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