Consumer intelligence series

March 2013
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Consumer intelligence series

At a glance

The mobile wallet is an opportunity for companies to offer consumers money-saving incentives if they can address consumer concerns about security, privacy, and usability.

Opening the mobile wallet

The mobile wallet is a rich opportunity for companies to connect with consumers on the move. Companies that can ease security fears, offer money-saving incentives, and promote widespread acceptance may see more consumers embrace the mobile wallet.

This report summarizes key findings from an online survey and follow-up focus groups, exploring the topic of the “mobile wallet.” The goal of this research was to explore consumer awareness, perceptions and willingness to engage in using a smart phone to make purchases, transfer funds, conduct financial transactions and carry identification such as a driver’s license, insurance card, social security card, etc.

Key findings:

  • Consumer awareness of key mobile wallet applications is relatively high, though significantly fewer people are using them
  • Key areas of concern: loss of privacy, loss of security around financial transactions, and usability of the app
  • How to address concerns: Consumers want comprehensive and immediate measures to ensure security and if necessary, replacement of mobile wallet device

Past sessions in this series