Barriers Exist to Consumer Use of Mobile Phones for Transactions
Debit Cards’ Popularity Grows, but 45% of Supermarket Transactions Still by Cash or Check
Phoenix Payments on 20th June 2007 announced the results of its tenth annual Consumer Payments Preferences and Usage Study, which examines preferences and usage of payment methods at point-of-sale and for recurring bills. This year’s study delves more deeply than those of prior years into the shift to debit card usage and consumers’ attitudes toward both PIN and signature debit payments.
“Debit card usage is growing, and consumers clearly prefer PIN to signature debit,” stated Ken Kerr, Vice President of Phoenix Payments. “Our analysis shows clients the reasons. We also break down changes in payment behavior by customer segments.”
The Phoenix study evaluates preferences and usage patterns for many payment types including contactless cards, cell phones, and new check processing methods, as well as the two types of debit payments. Phoenix assesses the implications of its findings on banks, processors, and vendors. The study also tracks 30 categories of billers, from mortgages to daycare providers to telecom providers, and 21 categories of merchants from gas stations to hotels.
“Everyone has a cell phone, but the phone as a payments channel is being over-hyped,” continued Kerr, “Consumers have serious security concerns, and few see a compelling reason to switch from cards to phones for payments. The analysis reveals consumers’ appetite for phone and other payment methods, and it identifies barriers to cell phone adoption that must be addressed.”
( This is the press release of the Phoenix Marketing International)
Banknet India's "Third International Bank Tech Summit" on 10th October, 2007 at Mumbai will focus on Internet & Mobile Banking, Cards... Click here
CLICK FOR MORE FEATURES & STORIES