The Lemon smartphone infographic study looks at the likelihood of consumers forgoing cash and credit for the use of mobile payments.
Pew Internet polled technology experts on this matter. According to the study results, 65 percent of respondents agreed that mobile technology will take over by 2020, eliminating the need for cards and cash. Many also disagreed, advising that people will be wary and untrustworthy of such technologies.
A group of 4,200 consumers were polled worldwide to determine the number of people who are currently using their smart-phones for banking. India followed by China are the highest users of mobile banking, while Germany and Canada ranked the lowest.
When consumers were asked what banking tasks they completed most frequently on their smartphones, the survey indicates that the large percentage of consumers download the company app, followed by transferring money between two accounts. The survey also indicates that only a small percentage are depositing cheques or managing investments via mobile.
Mobile Payment Infographics
The Lemon Smartphone Study Explores Whether Wallets Will be Forgone
Trend Themes
1. Mobile Payments - Opportunity for businesses to develop innovative mobile payment solutions to cater to the growing popularity of mobile banking.
2. Cashless Society - Disruptive innovation opportunity for industries to adapt to the changing consumer preference by offering secure and convenient mobile payment options.
3. Consumer Trust - Potential for businesses to build trust in mobile payment technology through enhanced security measures and transparent information sharing.
Industry Implications
1. Banking - Opportunity for banks to invest in mobile banking infrastructure and develop user-friendly mobile apps for a seamless banking experience.
2. Retail - Disruption opportunity for retailers to adopt mobile payment platforms and leverage customer data to provide personalized shopping experiences.
3. Fintech - Growing demand for innovative fintech solutions that enable secure and convenient mobile payments, presenting a disruptive opportunity for startups in the industry.