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Consumers ready for mobile payments, banking: Firethorn

A new study by Firethorn Holdings LLC found that 59 percent of consumers said that they are interested in using their mobile devices to pay for items at a cash register.

Firethorn said that sixty-four percent of consumers also indicated that they are ready to use mobile devices as a shopping assistant to compare prices. Sixty-one percent of the surveyed consumers said that they are interested in using mobile devices to check their credit details, balances and transactions.

“The key takeaway is that consumers want to make mobile payments and are ready to participate in new mobile commerce activities that are emerging from a mobile banking and mobile payments foundation – even though the capabilities may not be available yet,” said Marc De Grandpre, vice president of consumer marketing at Firethorn, Atlanta.

Firethorn is a mobile commerce service provider that gives consumers access to their accounts, offers and transactions while on the go.

Consumers ready for mobile commerce
Mr. De Grandpre said that the most surprising finding is that three-quarters of Americans wished there was an alternative to carrying around a wallet.

Wallets have been around for decades and today they are among the most important and protected personal consumer items.

Mr. De Grandpre said that along with wallets, consumers always have car keys and mobile devices on their bodies.

“So if Americans want an alternative to the wallet, that means that the opportunity for the cell phone to fill that role increases and financial institutions, retailers and wireless carriers could define a completely new mobile experience that includes financial management and payments, shopping capabilities and other life-management tools,” Mr. De Grandpre said.

The study found that three-quarters of adults said that they use their mobile devices to help stay organized. Forty-one percent said that they use mobile productivity applications at least once a week.

Mr. De Grandpre said that in the current economic climate consumers are thinking about personal finances more frequently, which means they will be turning to their mobile devices, the device that is most dear to them, to manage them.

Financial institutions that develop their mobile services early can increase their visibility and value among their customers and deepen their customer relationships and brand loyalty, Mr. De Grandpre said.

Mr. De Grandpre said that based on the study, it can be inferred that consumers will quickly adopt and depend on mobile banking and mobile payment tools in their daily lives once they become available either through their financial institution or on their mobile device of choice

“And we will likely see mobile transactions extend far beyond checking and savings accounts and credit cards,” Mr. De Grandpre said. “Consumers want to use their mobile device for all kinds of transactional activities – including shopping – so we’ll likely see the emergence of new tools that appeal to this mass market expectation.”