Infographic: Mobile Payment Statistics
Mobile Payments: Rebirth of the Credit Card
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As consumers continue to shift their lives toward mobile phones, our new infographic illustrates key facts and figures behind the trend toward mobile payments.
Shoppers continue to shift away from cash, local retailers and big box superstores and toward credit cards, online shopping, and mobile phones.
As most Americans now have a mobile phone, consumers will start to expect and demand instant access to banking and stores. For small banks and business owners, this is both a challenge and opportunity.
The infographic above also explores the ‘showrooming’ trend, where shoppers visit a brick and mortar store to see an item, but ultimately buy it from an online retailer—usually with the help of a smartphone.
“The good news: shoppers continue to visit retailers. The bad news: a growing segment is price comparing on their mobile phones and buying elsewhere,” says Charles Tran. “This is unsustainable for big box retailers. As more and more consumers become savvy, the tipping point will be reached where big box retailers go the way of the local video rental store.”
How has your mobile phone impact your shopping habits?
For mobile banking, check out the Chase Mobile App. No more driving and waiting in line at the bank to deposit a check. You simply take a picture of the front and back of the endorsed check using the app (Apple / Android).
h/t Consumer Research Section of the Federal Reserve Board's Division of Consumer and Community Affairs (DCCA) for a great report on Consumers and Mobile Financial Services.
(Research by Andrew; Graphic Design by Boris)
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