College Kids Not so in Love with Mobile Payments
College kids, long thought to be a major potential driver of mobile payments, may not be so in love with the idea after all.
A study conducted by 210 Analytics and sponsored by Balance Innovations found that 42 percent of college students surveyed in the US would “probably not” or “definitely not” make mobile payments even if they became increasingly available.
The other 42 percent would make mobile payments “somewhat more, depending on the retailer or purchase.”
The 2,503 students ranged from 18-24 across the United States. The survey shows that students studying accounting or business administration are much more likely to pay with their phones as opposed to those studying liberal arts.
East and West coast students are more likely to use mobile payments than their inward-states neighbors.
And the kicker: Men are more likely to completely switch to mobile payments at an almost two to one rate opposed to women.
So what can we conclude?
Brands matter, especially to the young and techy segment.
Though an increasing number of companies are entering the mobile payments space with their own offerings, it doesn’t necessarily make sense to do so if your target audience won’t ever use it.
Steve Rempel, president and CEO of Balance Innovations concludes “this is a reminder that it’s the consumer, not the retailer, who ultimately drives the rise and fall of payment technologies, as well as the pace of adoption. The payments industry needs to keep a finger on the pulse of the shopper to meet their technology preferences.”