US research company: Consumers won’t abandon cash to pay with smartphones

Mobile, Studies

As the number of smartphone users increased by almost 50% in US, a survey by Radius Global Market Research shows that most Americans are quite skeptical of smartphone generated payment solutions and don’t intend to give up traditional payment forms in the near future.

Security tops the list of consumer concerns about mobile payments, with 50% of American consumers say potential security and fraud significantly influence their likelihood to use smartphone technology to make purchases in the future and only 14% say that those matters aren’t influencing them.

The  segment most likely to make purchases via smartphone – under 35 and digitally savvy – are also the most likely to be concerned with security and fraud issues, with 45% of under 35 y.o. and 62% of digitally savvy concerned by  fraud.

Radius’s study was conducted in Q1 2012 and surveyed U.S. households, on company’s Know More panel representing over 3.4 million households, with over 6 million consumers in the U.S. and over 1.5 million consumers in Canada, the U.K. and Europe, Australia and Scandinavia.