Consumers are keen on using their smartphones as mobile wallets, according to a study by MasterCard Worldwide. About 62 percent of Americans who use a mobile phone would be open to using their device to make purchases wherever their errands may take them. Defined as a mobile generation with its pulse on digital trends, 18-34 year-olds are particularly ready to take their transactions to the next level, about 63 percent of 18-34 year olds would be at ease using mobile phones to make purchases versus those of age 35 or older, about 37 percent. Consumers ages 18-34, about 65 percent, feel more naked without their phones than their wallets, compared to 34 percent of those in the 35 and older group. Consumers value mobile phones not just for the functions they can perform, but for what they say about them too. Over half of respondents think that someone's phone is more telling of their personality than their wallet. Men tend to be more willing to use their phones for payment transactions, and they perceive the transactions in a positive way. More men than women, 51 percent versus 40 percent who have a mobile phone would be at ease using it to make purchases. More men than women, 49 percent versus 45 percent, would be impressed by someone who paid a bill with a mobile application than with a credit card. Women more so than men, 50 percent versus 36 percent, feel more exposed without their mobile device than their wallets. Of women, 45 percent versus 34 percent of men would rather have their phones than their wallets attached so they had always remember them when leaving the home. Despite reliance on mobile devices and general consumer readiness for mobile payments, the survey revealed that overall safety is a significant comfort factor in the decision to pay by phone. Nearly two in three respondents said they need confirmation that their personal information is safe in order to be making a transaction, underscoring trust and privacy as paramount factors in changing payment behaviors.
