Tag Archives: payment

Consumers And Mobile Banking Apps

Recently, we’ve published posts on how popular mobile banking and consumer behaviors that will probably come from it. We’ve said many times that the reason why consumers are so dependent on their mobile device is convenience.  The same could be said for mobile banking apps.  While it may be fun to work “banker’s hours”, those hours don’t make physically visiting financial institutions convenient at all.  Online banking and now mobile banking have made banking easier.  New research is out that gives information on the percentage of mobile banking and what mobile banking customers are looking for.

shutterstock_92978851• In a recent survey, 44% of consumers had downloaded a banking app

• Among those who have downloaded a mobile banking app, 55% say they use the app more now than when they first downloaded it

•  Two-thirds of mobile banking customers expect to receive notifications immediately when their balance is low or are in an insufficient funds situation

• Seven in 10 want to receive communications to help them avoid financial trouble

• Among 18 to 24 year olds, Three-quarters of them expect notifications

• Less than half of mobile banking consumers said they receive balance updates, One-third were notified when their balance was low and three in 10 receive messages when a bill is due

• 13% of users want to get notifications through their app (push notifications), over 20% said they wanted to get notices via SMS text and nearly half wanted to get the information through email

What Does This Mean To You?

There are a couple of big take-aways from this research.  First being that mobile banking may be the first step towards mobile point of sale payment.  While mobile payment through sites like Pay Pal have been around for years, there is mounting evidence that making payments directly through your mobile device is on the way.  Whether it’s through scanning or NFC, mobile point of sale can make checking out very easy.
The other take-away is that consumers are open to receiving direct notifications from merchants, if they find the content valuable.   SMS and email can be key components to a loyalty program and can help you create sales from existing customers.  For more information on how mobile technology can help your business better engage prospective customers, please contact your Orlando Sentinel Media Group representative or:
Al Fiala
Advertising Research Manager

Source: Mobile Commerce Daily; Wakefield Research


How Consumers Plan To Pay For Holiday Gifts

Yesterday’s post dealt with the reasons consumers are not spending more this holiday season.  Today, we’ll look at how they plan to pay for gifts this year.  Consumer’s planned method of payment can affect not only how much they spend but where they spend it.

• Over half of consumers say they put money aside to pay for holiday shopping, that is up 13% from last year.

• Just one in three consumers will be putting their holiday gifts on credit cards – that is a drop of 30% from 2011

• 15% will use gift cards to make holiday purchases

• 14% are using discretionary income to buy presents – that is down 33% from last year

• 13% will put gifts on store credit cards

• Fewer than 5% of shoppers will delay making mortgage payments or paying other bills to buy holiday gifts

What Does This Mean To You?

When customers are paying for things with cash, they tend to do more research and comparison shopping.  This maybe one of the reasons “showrooming” activities are expected to be so high.
To make sure shoppers make their purchases at your location versus your competition, you need to promote the value you offer and the intangibles that make shopping at your location a better experience than making a purchase elsewhere.  Promote positive reviews your store has received through social media and reward customers who post virtual endorsements about your location. Take advantage of every opportunity to make a positive impression.  Make sure your staff is customer service focused and educated about the products you sell, the offers you have available and the offers your competition is promoting.  These are things that will allow you to show shoppers your value.  For more information on how you can utilize social media and mobile technology to drive more shoppers this holiday season, please contact your Orlando Sentinel Media Group representative or:
Al Fiala
Advertising Research Manager

Source: Mobile Commerce Daily; Accenture

Moving Towards The Mobile Wallet

Does it seem that less people are paying for goods and services with cash? Use of paper checks also seems to be on the decline (but, they always seem to be in front of me in the grocery checkout line). It wasn’t that long ago that consumers weren’t that sure of making e-payments and electronic banking, but the mobile revolution looks to make payment by smart phone or tablet a sooner, rather than later, reality.

• Over half of US consumers have a smart phone. By 2016, nearly 200 million adults nationwide will have a mobile device.  Over 70% will own smart phones and 40% will
have tablets

• Over 40% of current mobile device owners say they would
be interested in using a
mobile wallet

• 30% of consumers said they used their mobile phone to make a purchase

• Last year, mobile payments totaled over $360 million, less than .01% were from point of sale.  By 2015, mobile payments are expected to hit nearly $750 million, but point of sale is still expected to represent just .02%

What Does This Mean To You?

Mobile technology has become important to consumers because of the convenience it offers.  That is what will drive the mobile wallet – not having to reach for your credit or debit cards, or even worse hold up other shoppers by writing a check. While the point of purchase aspect of mobile payments is going to take a while for adoption to take hold, the real opportunity lies in contact-less payment forms such as QR codes.

• Nearly 20% of smart phone owners say they have made some form of contact-less payment and other 20% are interested in the technology

• Over half of iPhone owners and more than 40% of Android phone owners say they have scanned a QR code in the past year

• 12% of iPhone owners and 14% of Android owners say they are interested in scanning activities in the future

Contact-less payment can help you increase your value to consumers by making it more convenient to shop physical or virtual stores than your competitors.  Many consumers have not made an in-store purchase because of long lines at check out.  Imagine if consumers could scan a code located in the store, skip the checkout and then pick-up the item at customer service or have it shipped to them.  Placing QR payment codes in your advertising messages turns a simple print ad into a powerful point of purchase tool.  Imagine how easy you could make holiday shopping for customers by placing payment QR codes in you Black Friday ads.  For more information on how your business can optimize and maximize mobile commerce, please contact your Orlando Sentinel Media Group representative or:
Al Fiala
Advertising Research Manager

Source: Mobile Commerce Daily; Javelin

Consumers Embrace Mobile Payment

The growth in mobile shopping also signals growth mobile payments.  By 2015, mobile transactions are expected to exceed $1 trillion and consumer trust in mcommerce is high as well.

  • 27% of consumers use mobile banking
  • 13% have made mobile payments
  • 24% of adults 20-24 and 35-44 year olds said they were interested in mobile payments
  • Just 1% of adults 65+ were interested
  • Overall, 84% of men and 66% of women said they would consider making mobile payments

 What Does This Mean To You?

Everyday there is more evidence of how important mobile devices have become.  Consumers expect to be able to shop, search and now even pay for merchandise via mobile devices.  Are you optimized for mobile? 
For more information on how easily we can help you take advantage of
mobile technology, please contact your Orlando Sentinel Media
Representative or:
Lisa Mercer
Orlando Sentinel Media Group

Source: The Yankee Group