Mobile Payments

Chase Survey: 48 Percent Prefer To Pay With Phones

Just how attached are consumers to their mobile devices? Very, according to new survey results.

In a recent Chase survey that consisted of 1,500 adults, 32 percent said they would be upset if they lost their cellphone, but just 19 percent of those reported being upset about losing their wedding band. In comparison, that’s just a percentage lower than those who said they would be upset about losing their birth certificate (20 percent).

So why are consumers so attached to their digital devices? Increasingly those consumers are turning to their phones to manage every aspect of their lives, which increasingly also includes mobile banking, the survey results show.

In the results, half of consumers said they use their mobile banking app at work, and 35 percent say they use the app during breaks. When they are out to eat, 31 percent reported using their mobile banking app at a restaurant.

“We saw consumers really step up their use of digital banking tools – especially mobile apps – in the last year,” said Donna Vieira, CMO of Consumer Banking at Chase. “We continue to enhance our digital banking services to let customers bank how, when and where they want.”

In comparison to usage stats in 2015, how else are consumers using Chase’s digital banking offerings?

Mobile apps:

  • 21 percent more are viewing account balances
  • 20 percent more are paying bills
  • 8 percent more are transferring money

Online & ATM:

  • 37 percent more are paying bills online
  • 35 percent more are transferring money online
  • 17 percent more are visiting the ATM

When it came to how consumers felt about mobile wallets, the results indicated there is a rising interest in that arena as well.

  • 48 percent prefer to pay using their phone vs. credit card or cash
  • 46 percent plan to make payments with mobile phones more in the next five years
  • 40 percent have either lost or forgotten their debit or credit card when they needed it most.

——————————–

Latest Insights:

Our data and analytics team has developed a number of creative methodologies and frameworks that measure and benchmark the innovation that’s reshaping the payments and commerce ecosystem. In the November 2019 Mobile Order-Ahead Report, PYMNTS talks with Dan Wheeler, Wahlburgers’ SVP, on how the QSR balances security and seamlessness to secure its recently launched WahlClub loyalty program.

Click to comment

TRENDING RIGHT NOW