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63% of 18-34 Year-Olds Willing to Use Mobile Phones For Purchasing

Do you ‘feel more naked without a phone than without a wallet?’ According to a recent survey by MasterCard, 65% of 18-34 year-olds do, vs. only 34% of those 35 and older.  However, as NFC payments – already fairly mainstream in Japan – continue to gain popularity, cell phones and wallets may soon be synonymous.  According to The Heart of Commerce blog, “2011 is the beginning of the NFC [near field communication] mobile payments era and consumers are eager to pay with their mobile phones at stores, stadiums, restaurants and etc.”

Mastercard surveyed US consumers regarding their readiness to make payments with their mobile phones, and found that Americans, especially those 18-34, are receptive to the technology as long as security concerns are addressed.

  • 63% of 18-34 year olds would be at ease using mobile phones to make purchases vs. only 37% of those age 35 or older
  • 65% of consumers ages 18-34 feel more naked without their phones than their wallets, as opposed to just 34% of those in the 35 and older group
  • 54% of respondents think that someone’s phone is ‘more telling of their personality’ than their wallet
  • More men than women (51% vs. 40%) who have a mobile phone would be at ease using it to make purchases
  • More men than women (49% vs. 45%) would be impressed by someone who paid a bill with a mobile application than with a credit card.
  • Half (50%) of women feel more exposed without their mobile phone than without their wallets, vs. only 36% of men
  • 45% of women (vs. 34 percent of men) would rather have their phones than their wallets surgically attached so they’d always remember them when leaving the home
  • Nearly 62% of respondents said they need confirmation that their personal information is safe in order to be comfortable making a transaction – showing that trust and privacy are significant considerations when choosing payment options

MobileCrunch summarizes:  “Clearly, we have become a society that is completely and utterly dependent on our mobile phones, but that dependency still can’t quiet concerns for personal safety and security.”

Will these concerns be addressed, and will NFC payments become standard in the U.S.?

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