BABY STEPS

Americans are actually starting to pay with their phones

Obsession
Future of Finance
Obsession
Future of Finance

Americans are increasingly warming to the idea of using their phones to make in-store purchases. According to a survey of US consumers by Deloitte released today (Dec. 9), 18% of respondents reported paying with their phone in a store at least once this year, up from just 5% in 2014.

A Deloitte survey of how many times consumers used mobile payments.
A Deloitte survey of how many times consumers used mobile payments. (Deloitte)

Most promising for the mobile payment industry is that 13% of respondents in 2015 said they use their phones on a semi-regular basis to make purchases. Last year the survey only asked whether people had ever made a mobile payment.

The survey highlights a growing interest in mobile payments among US consumers. Over the past year or so, a flurry of mobile wallet apps have been released to make it easier for users to make payments quickly and securely with their phones—notably from Apple, Samsung, and Google’s Android. However, usage has been sporadic and consumers have unfounded concerns over security.

Despite the increased availability of mobile wallets, US consumers still feel much more comfortable paying through conventional means. A March 2015 Federal Reserve survey found that 75% of consumers prefer paying with cash or credit/debit cards instead of mobile wallets.

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