Mobile advertising companies are set to expand as cell phones become the preferred method of payment for young people. A recent MasterCard survey found that 63 percent of consumers in the 18 to 34 bracket would feel comfortable using their mobile phones to make purchases. Yet, only 37 percent of those 35+ felt comfortable paying for items this way. It’s not at all surprising that the older generations are more reticent to accept new technology, but mobile advertising companies are abuzz that young people are so hip to the idea.
Mobile Phone Prominence
Young people admit they are completely dependent on their cell phones for a myriad of reasons. They’d go somewhere without their wallets before daring to leave the house without their cell phones. According to the study, 65 percent of young people would choose their mobiles over their wallets, compared to just 34 percent of older people.
Should Mobile Marketers Focus On Men Or Women?
The survey also found that men are slightly more comfortable with mobile payments than women. About 51 percent of men say they’d be comfortable making a mobile payment, compared to 40 percent of women.Likewise, 49 percent of men said they’d be “impressed” by someone who made a payment with their phone instead of a credit card — compared to 45 percent of women. However, more women felt “exposed” without their cell phones than men (50 percent versus 36 percent). So, somehow, mobile advertising companies will need to break down that trust barrier with their women customers.
Security Should Be Top Priority.
Given that this technology is so new, security is a big concern for mobile advertising companies and other industry players. About 62 percent of those polled said they would need to be assured their personal information was safe before they’d make a purchase using their mobile phones. Over the coming year, mobile phone manufacturers, wireless carriers, financial institutions and retail stores are looking at ways to ramp up security and implement Near-Field Communications (mobile payments technology) in their businesses.