75% of US adults have no interest in m-commerce – Federal Reserve

A recent Federal Reserve survey has showed that 75% of the US adult population have no interest in using their mobile device to make retail purchases.

A recent Federal Reserve survey has showed that 75% of the US adult population have no interest in using their mobile device to make retail purchases.

Three quarters of the Fed’s third annual "Survey of Consumers’ Use of Mobile Financial Services" participants said they were ‘unlikely or very unlikely’ to pay for goods and services with their phone if given the opportunity.

"While the use of mobile banking continues to increase, the report indicates that consumers who do not use it are becoming more sceptical of the benefit of it and the level of security associated with the technology," the Fed stated.

"Well over half of mobile phone owners who do not currently use mobile banking say they have no interest in using this technology."

The mobile banking and payment services trend is one that tripled between 2011 and 2013. However, less than a fifth of smartphone owners used their mobile to make retail purchases in 2013.

The most common mobile banking activities continue to be reviewing account balances, monitoring recent transactions, or transferring money between accounts, the Fed said.

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