||New Study Shows Power of Virtual Wallet
The virtual wallet appears to be catching on fast. Fifty-eight percent of consumers now use their bank's mobile app while an additional 25 percent are aware that the technology is available, per a survey from the Interactive Advertising Bureau, InMobi and Viggle.
Somewhat surprisingly, a lower number of consumers -- 50 percent -- use a bank's mobile website. Viggle, a TV-based rewards app, surveyed 1,242 of its users in March to arrive at the numbers in the report, dubbed "Money and Mobile."
While these numbers are likely encouraging to virtual-wallet marketers, Sarah Hudgins, public policy director at the IAB, warns that brands should be responsible with their apps in order to foster trust in the consumer community.
"We've already seen (self-regulation) work in the desktop environment," she said. "Let's make sure that happens in mobile as well."
In terms of branded financial apps that respondents use, Paypal clearly leads (37 percent), followed by Mint (11 percent), Turbotax (9 percent), Square (8 percent) and Google Wallet (7 percent).
Meanwhile, the report discovered that consumers are utilizing smartphones to make a number of different kinds of payments including:
"Consumers show a definite willingness and interest in using their smartphones as a mechanism for making payments," added Shrikant Latkar, InMobi's vp of global marketing, in a statement. "The impediment is with retailers and individuals not currently being set up to accept those payments. It is fascinating, however, to see how far this has come so quickly. In some cases, like morning coffee, paying with your mobile phone has almost become routine."
- Phone bills (42 percent), and other charges due (46 percent)
- Real-world goods/services, such as meals or drinks via a pre-paid card on the phone (34 percent)
- Tickets for a movie/concert/travel/etc. (37 percent)
- Media such as movies, music or smartphone apps (45 percent)
- Paying back friends or family (19 percent)
(Source: Adweek, 04/12/13)