SOURCE: PunchTab

PunchTab

December 03, 2014 08:00 ET

PunchTab Report Reveals Mobile Wallet Insights and Trends Among Consumers

24% of Smartphone Owners Have Used One or More Mobile Payment Apps, 55% of Millennials Want Mobile Payment Apps to Be Used in Multiple Stores and Offer Loyalty Programs, Starbucks App Proves to Be Current Mobile Payment Leader

PALO ALTO, CA--(Marketwired - December 03, 2014) - PunchTab, the leading omni-channel engagement and insights platform, today announced a new report on mobile payment trends among different consumer groups and various mobile payment options. 

The report surveyed more than 1,000 consumers across various demographics to find out which mobile payment apps were the most popular, which mobile payment features are most important to users and what consumers would like to see in future mobile payment apps.

Among all customers surveyed, 24% of smartphone owners have used one or more mobile payment apps to make a purchase. Out of these users, the two most popular mobile payment apps were the Starbucks App (29%) and Google Wallet (25%), with Visa Checkout (10%), PayPal Wallet (9%), Square Wallet (6%), Apple Pay (4%), SoftCard (2%) and others (15%) trailing the leaders. 

The PunchTab study revealed that the Starbucks App has set the bar for mobile payment apps. With 29% of the market share amongst mobile wallet users, 66% of Starbucks App users were concerned with the speed of checkout, 65% wanted automatic points earned in store's loyalty programs and 59% wanted to receive special coupons or offers within the app. Non-Starbucks App users were most concerned with the speed of checkout when using a mobile payment app (50%). The second greatest concern of non-Starbucks App users was eliminating the need to carry cash or credit cards (54%), but only 38% of Starbucks App users thought this was a priority.

The All-Encompassing Mobile Wallet Solution
Consumers prefer to have a unified mobile payment app that can be used in multiple stores while integrating individual store coupons and loyalty programs among millennials (55%) and users 35 years and up (46%) alike. However, 34% of consumers weren't even aware if their favorite stores offered mobile payments or not. 

Some of the top reasons consumers don't use mobile payment apps include:

  • Consumers are fine with traditional payment methods and don't see a reason to use mobile payment apps
  • Similarly, consumers anticipate difficulty downloading or using mobile payment apps and would rather not deal with it
  • Users are also concerned with data security when using mobile payment apps

The Game Changer
Although Apple Pay was just introduced this past October, its ease-of-use and making secure transactions with the touch of a finger will make it a strong contender in the mobile payment space. More companies are adding support for Apple Pay in their own existing payments systems; making it the ubiquitous solution consumers are looking for. 

"With the popularity of the Starbucks App and the launch of Apple Pay, mobile payment apps are top of mind for consumers as we enter 2015," said Robyn Hannah, VP, PR and Communications at PunchTab. "It is clear that consumers are ready to accept mobile payments into their daily lives, but will only be won over by special offers, loyalty programs, and most importantly, a unified app that will work at multiple stores. Consumer expectations are high- the entire mobile payment process has to be convenient." 

For more information or to view a copy of the full report, please visit: http://engagement.punchtab.com/mobile_payments_consumer_insights_whitepaper

About PunchTab, Inc.
PunchTab is the leading engagement and insights platform helping brands connect with and understand consumers using predictive analytics to make data-driven decisions that optimize revenue growth, grow engagement, and increase lifetime value with consumers across any channel or device.

Leading CPG and retail brands like The Yankee Candle Company, PURELL, ConAgra, Arby's and more use PunchTab's cloud-based solution to deepen audience engagement, build awareness, and gain a data-driven, 360-degree view of consumer behavior and purchase drivers. PunchTab offers a self-serve, easy-to-implement product, and fully customizable, white-labeled loyalty and engagement programs.

Based in Silicon Valley PunchTab is funded by Mohr Davidow Ventures, Chamath Palihapitiya from The Social+Capital Partnership, Crunch Fund, Venky Harinarayan, and Anand Rajaraman. For more information visit www.punchtab.com.

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