If PayPal were to introduce a mobile wallet, it would definitely be a popular resource among mobile consumers.
According to a new study conducted by Carlisle & Gallagher Consulting Group, consumers who are interested in mobile wallets would consider using alternative players to their primary bank for mobile wallets and for banking.
These consumers also expressed strong interest in using a wide variety of services in their mobile wallet, such as search & shop, loyalty programs and real-time incentives.
According to the 605 U.S. consumers who participated in CG’s online study in April 2012:
- Forty-eight percent of survey respondents are interested in a mobile wallet and that interest is driven by both young consumers and affluent consumers.
- Techno Shoppers (27%): Consumers attracted to shopping and social features of mobile wallets, and effectively using their cards to make the best possible payment decisions.
- Eight in ten consumers interested in mobile wallets responded that they would use PayPal as their mobile
“The competitive threat from new entrants is real,” says Peter Olynick, CG’s Card & Payments Practice Leader. “Consumers are open to considering alternatives to their primary banks to provide mobile wallets and even core banking services.”
“People have already slowed their use of cash and checks in favor of credit and debit cards,” he adds. “Within five years, half of today’s smart phone users will be using their phones and mobile wallets as their preferred method for payments. These customers will be using better tools to help them optimize transaction choices. Banks need to proactively consider how their products will stay ‘top of wallet’ in the new mobile wallet world.”