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EcommerceBytes-NewsFlash, Number 2716 - January 12, 2012 - ISSN 1539-5065    4 of 4

Smartphone Shoppers Are Concerned about Mobile Payments

By Ina Steiner
January 12, 2012

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Seventy percent of smartphone users are shopping or browsing for products online, but 60% believe using mobile payment solutions could jeopardize their financial and/or personal security. The data comes from a recent study of 2,000 consumers conducted by research consultancy Market Strategies International in October.

The younger the consumer, the more likely that he/she has made a purchase using their smartphone: 51% of consumers ages 18-34 have made purchases with their smartphone, compared to 18% of consumers ages 55-64.

Also interesting is that 44% of men in the study have made purchases with their smartphones, compared to 37% of women. Men are more likely to buy services, while women are more likely to buy physical goods.

Smartphone users are more interested in online and mobile solutions (e.g., PayPal and mobile phone bills) while other, less tech savvy segments are more interested in retaining their traditional payment sources with their current financial institutions (e.g. checking and credit cards).

Market Strategies Vice President Ann Graham Hannon said, "Smartphone users are shopping and purchasing through their smartphones at the rate we expected. However, we were surprised to see that users are buying physical goods at about the same rate as apps, indicating that the technology is on the verge of widespread adoption."

She also said the technology or financial services provider that moves first and fast in convincing customers that its mobile payments solution is secure and convenient would be well positioned.

About the author:

Ina Steiner is co-founder and Editor of EcommerceBytes and has been reporting on ecommerce since 1999. She's a widely cited authority on marketplace selling and is author of "Turn eBay Data Into Dollars" (McGraw-Hill 2006). Her blog was featured in the book, "Blogging Heroes" (Wiley 2008). Follow her on Twitter at @ecommercebytes and send news tips to ina@ecommercebytes.com.

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