2016 sees a rapid uptick in mobile wallet uptake
According to recently released findings from the Capital One Wallet Survey, nearly one quarter (24 percent) of consumers are using mobile wallets in some capacity, while 16 percent are using their mobile wallet to make purchases.
Of the 24 percent using mobile wallet technology, more than 63 percent (63 percent) say they have been using a mobile wallet for less than a year, demonstrating the rapid acceptance and use of the technology during 2016.
More than half (54.9 percent) of those not using a mobile wallet said they would be interested in trying one if they felt it would make their current credit cards more secure.
Current users said the features they seek in a mobile wallet include:
- the ability to hold digital coupons that get automatically applied (41.3 percent);
- the ability to hold their photo ID (35.4 percent); and
- fraud alerts when suspicious account activity is detected (28.0 percent).
Nearly half (48 percent) of mobile wallet users plan to make at least one gift purchase through their mobile wallet this holiday season. More than two thirds (70 percent) said they would use their mobile wallets even more if more merchants allowed them to pay that way.
The survey showed that use of mobile payments is tied closely to merchant acceptance:
- nearly half (49 percent) of mobile wallet users said they use their mobile wallets at retail stores;
- more than 41 percent (41.4 percent) have used the technology at grocery stores;
- 37 percent have paid for fast food with a mobile wallet; and
- more than one-quarter have used their mobile wallets at drug stores (26 percent) or for travel-related purchases.(27 percent).
The Capital One Wallet Survey polled more than 1,800 people who are mobile wallet users or nonusers about their thoughts, attitudes, behaviors and expectations related to mobile wallet technology, including acceptance and barriers to adoption.