Adding mobile phone based financial-management tools and rewarding consumers will increase the use of mobile payments in the US and Canada, according to a report from the consultants Accenture.

Over half of the 4,000 respondents who use their smartphones to make payments, said they were more likely to pay by phone more often, if they were offered instant coupons by retailers and had the ability to store coupons or reward points on their phones for future purchases. One half of respondents also said they would like preferential treatment, such as priority customer service for making mobile payments.

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In addition, smartphone users would be more liable to make mobile payments if they had the ability to track receipts and manage their personal finances.

The survey found these tools and incentives could encourage the adoption of mobile payments among non-users, with one in three respondents stating they would be more likely to pay via mobile if they could use their phone as proof of insurance.

Security concerns appeared to be the greatest barrier to consumers adopting mobile payments according to Accenture, as were privacy issues and the convenience of using cash, cheques or credit cards. Almost one half (45%) of the survey respondents do not make mobile payments because of these concerns.

Managing director of Accenture Payment Services, Matthew Friend said;

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"For mobile payments to achieve widespread adoption, consumers must be educated about the fact that mobile payments are secure and more convenient than other payment options. While persuading current users to become more regular users is clearly important, getting people to use this technology in the first place is the biggest challenge the industry faces."

 

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