For Mobile Banking, It Pays to Know Consumers

Tony Smith looks at recent developments in the fast-moving mobile payments space.

Autor (es)

  • Tony Smith Ipsos Loyalty, UK
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In his latest Point Of View, Tony Smith, Global Head Financial Services at Ipsos Loyalty, looks at recent developments in the fast-moving mobile payments space.

A few examples that may point to the future include:

  • Paym in the UK enables consumers to pay friends and family using only their cell phone number.
  • eBay’s Venmo allows people to exchange payments within their social circles via smartphone.
  • American Express enables eligible members to tap and pay with the new Jawbone device.
  • Apple Pay was launched at the end of last year with much fanfare.

Tony also unveils learnings from a segmentation study among mobile device users in 24 countries which gives a sense of consumers’ perspectives on these developments.

The research found 5 factors which influence consumer attitudes:

  1. The degree of scepticism
  2. The level of understanding & awareness
  3. The need for technical support
  4. Willingness & intentions
  5. Payment security

Based on these factors, the survey identified 4 segments of consumers: the Confident, the Open, the Disengaged, and the Cautious.

So how can businesses encourage usage of mobile payments?

  • They should prioritise what as providers they want to do for each segment.
  • Create appropriate communications through usage scenarios.
  • Provide technical support: the “How” needs to be easy.
  • Understand consumers' needs, motivations and barriers to create messaging and positioning.

Autor (es)

  • Tony Smith Ipsos Loyalty, UK