Mobile Payments Survey: Majority Think Payment Method Will Grow Significantly

Amazon recently announced plans to offer its own mobile payments service similar to others like Square. Amazon Local Register will charge a small fee to local businesses in exchange for the ability to accept credit card payments using mobile devices. So just how prominent is the current mobile payments market? And do consumers think this method will grow in the next few years?

mobile payments

Mobile Payments

In Ask Your Target Market’s latest survey, 14% of respondents said they have already used mobile payment systems like Square to make payments. Just 6% said they’ve used them to accept payments. And 82% of respondents said they’ve never used mobile payment systems such as Square. Those numbers actually represent growth in the industry over the last couple of years. In an August 2012 survey, 90% of respondents had never used mobile payment systems.

Other Methods

So what methods are the most common for customers? Just 7% of respondents said they always use cash as a payment method. 26% said they use cash most of the time. 27% use cash about half the time. 35% said they rarely use cash as a payment method. And just 6% said they never use cash.

But those who use credit and debit cards are more likely to have the opportunity to use mobile payment systems like Amazon Local Register or Square. And these methods seem to be more common. 15% of respondents said they always use credit or debit cards. 35% said they use credit or debit cards most of the time. 28% use them about half the time. 17% rarely use credit or debit cards. And 6% never use them.

Growth Opportunity

Looking forward, 23% of respondents said they definitely think mobile payment systems will become widely used within the next 5 years. 54% said they think mobile payment systems will probably become widely used in the next 5 years. 17% think they probably won’t become widely used in that time. And 6% think they definitely won’t.

You can view the complete survey results in the widget below and be sure to click “Open Full Report” to take advantage of all the chart and filter options.

Photo Credit: Wendy’s Pay with Your Smartphone sign. from Flickr

What do you want to know? If you need some consumer insights on a particular topic, let us know in the comments below and we’ll consider it for an upcoming survey post.

Results were collected on August 14 via AYTM’s online survey panel.

Anne Pilon brings 3 years experience to AYTM as a blogger and journalist. She has a degree in journalism and marketing communications from Columbia College in Chicago and enjoys writing about business, marketing, social media, and art.