Consumers and Mobile Financial Services
March 2016
PrintAccessible Versions
Figure 1. Usage of mobile banking and mobile payments by mobile phone type
| 2011 | 2012 | 2013 | 2014 | 2015 | ||
|---|---|---|---|---|---|---|
| Mobile banking | All mobile phones | 22 | 29 | 33 | 39 | 43 |
| Smartphone | 43 | 50 | 51 | 52 | 53 | |
| Mobile payments | All mobile phones | 12 | 15 | 17 | 22 | 24* |
| Smartphone | 23 | 24 | 24 | 28 | 28* | |
Note: For mobile banking, among respondents with a mobile phone and bank account and respondents with a smartphone and bank account, respectively. For mobile payments, among respondents with a mobile phone and respondents with a smartphone, respectively.
* Not directly comparable to prior years due to question change in 2015. Return to table
Box 1. Figure A. Internet access and mobile phone ownership
| Smartphone | Feature phone | No phone | |
|---|---|---|---|
| Home and away | 80 | 14 | 6 |
| Home only | 60 | 27 | 13 |
| Away only | 45 | 31 | 23 |
| No access | 31 | 30 | 39 |
| Total | 67 | 20 | 13 |
Note: Among all respondents (n=2,510). Here and elsewhere in this report, totals may not add to 100 percent due to rounding and question non-response.
Figure 2. Usage of different means of accessing banking services
| Percent | |
|---|---|
| Bank branch | 84 |
| ATM | 75 |
| Online banking | 71 |
| Mobile banking | 38 |
| Telephone banking | 30 |
Note: Among respondents with a bank account, regardless of mobile phone ownership or access to the Internet (n=2,373). For mobile banking, the percentage here differs from the incidence rates elsewhere in this report because the latter are computed for those with mobile phones and bank accounts.
Box 2. Figure A. Phone ownership by banking status
| Smartphone | Feature phone | No phone | |
|---|---|---|---|
| Fully banked | 70 | 20 | 10 |
| Underbanked | 70 | 17 | 13 |
| Unbanked | 40 | 28 | 32 |
Note: Among respondents who were fully banked (n=1,941), underbanked (n=425), and unbanked (n=128).
Box 2. Figure B. Mobile banking and payments use by banking status
| Percent | ||
|---|---|---|
| Mobile banking | Fully banked | 39 |
| Underbanked | 55 | |
| Mobile payments | Fully banked | 20 |
| Underbanked | 34 | |
Note: Among respondents with a mobile phone who were fully banked (n=1,762) and underbanked (n=382).
Figure 3. Using your mobile phone, have you done each of these in the past 12 months?
| Percent | |
|---|---|
| Checked an account balance or checked recent transactions | 94 |
| Transferred money between your bank accounts | 58 |
| Received an alert (e.g., a text message, push notification, or e-mail) from your bank | 56 |
| Deposited a check to your account electronically using your mobile phone camera | 48 |
| Made a bill payment using your bank's online banking website or banking app | 47 |
| Located the closest in-network ATM or branch for your bank | 36 |
| Sent money to relatives or friends within the U.S. using your bank's app or mobile website | 16 |
| Sent money to relatives or friends outside the U.S. using your bank's app or mobile website | 4 |
Note: Among respondents with a mobile phone and bank account who used mobile banking in the past 12 months (n=801).
Figure 4. What was the main reason why you started using mobile banking when you did?
| Percent | |
|---|---|
| I liked the convenience of mobile banking | 39 |
| I got a smartphone | 26 |
| My bank started offering the service | 19 |
| I became comfortable with the security of mobile banking | 7 |
| There is no bank branch or ATM near my home or work | 3 |
| To receive fraud alerts or check my account for fraudulent transactions | 3 |
| Other | 3 |
Note: Among respondents with a mobile phone and bank account who used mobile banking in the past 12 months (n=801).
Figure 5. Activities that non-users of mobile banking would be interested in pursuing
| If their bank offered mobile banking | If their concerns with mobile banking were addressed | |
|---|---|---|
| None, I don't want to use mobile banking | 75 | 54 |
| Check an account balance or recent transactions | 17 | 35 |
| Receive alerts (e.g., text message, push notification, or e-mail) from your bank | 7 | 25 |
| Download your bank's mobile banking app | 11 | 22 |
| Deposit a check electronically using a mobile phone camera | 5 | 21 |
| Transfer money between your bank accounts | 5 | 19 |
| Make bill payments using your bank's website or app | 6 | 17 |
| Locate the closest in-network ATM or branch | 5 | 16 |
| Send money to relatives or friends within the U.S. | 1 | 5 |
| Send money to relatives or friends outside the U.S. | 0 | 2 |
Note: Among those with a mobile phone and bank account who did not use mobile banking in the past 12 months, for those whose bank offered mobile banking (n = 819) and whose bank did not (n=536).
Box 3. Figure A. Branch activities among smartphone users
| Percent | |
|---|---|
| Deposit a check or cash | 78 |
| Withdraw cash/cash a check | 64 |
| Resolve a problem or question or get general information about products or services | 24 |
| Get specific information about your account (e.g., balance, recent activity) | 22 |
| Transfer money between accounts | 19 |
| Open or close an account | 14 |
| Get a cashier's check, certified check, or money order | 13 |
| Apply for a loan | 7 |
| Send/wire money to someone | 3 |
Note: Among respondents with a smartphone and bank account who have visited a bank branch in the past 12 months (n=1,376).
Figure 6. Using your mobile phone, have you done each of these in the past 12 months?
| Percent | |
|---|---|
| Paid a bill using your mobile phone's web browser or an app | 65 |
| Purchased a physical item or digital content remotely by using your mobile phone's web browser or an app | 42 |
| Paid for something in a store using your mobile phone/app (e.g., Starbucks, Apple Pay) instead of cash or a physical payment card | 33 |
| Sent money to relatives or friends within the U.S. (e.g., Venmo, PayPal, Google Wallet, your bank's app) | 25 |
| Paid for parking, a taxi, car service (e.g., Uber), or public transit | 20 |
| Made a donation or other payment using a text message | 12 |
| Sent money to relatives or friends outside the U.S. (e.g., Western Union or USPS SureMoney, your bank's app) | 5 |
Note: Among those with a smartphone who used mobile payments in the past 12 months (n=406).
Figure 7. Please tell us if any of the reasons below are why you do not use mobile payments
| Percent | |
|---|---|
| It's easier to pay with cash or a credit/debit card | 80 |
| I'm concerned about the security of mobile payments | 67 |
| I don't see any benefit from using mobile payments | 65 |
| I don't trust the technology | 47 |
| I don't really understand all the different mobile payment options | 36 |
| I don't have the necessary feature on my phone | 36 |
| It's difficult or time consuming to set up or use mobile payments | 34 |
| I don't need to make any payments or someone else pays the bills | 25 |
| The places I shop don't accept mobile payments | 22 |
Note: Among respondents with mobile phones who did not use mobile payments in the past 12 months (n=1,802).
Figure 8. Assuming that the reason(s) why you do not currently use mobile payments was addressed, would you be interested in doing any of the following activities with your mobile phone?
| Percent | |
|---|---|
| None, I don't want to use mobile payments | 74 |
| Paying for something in a store using your mobile phone/app instead of cash or a physical payment card | 17 |
| Paying for parking, a taxi, car service, or public transit | 12 |
| Purchasing a physical item or digital content remotely by using your mobile phone's web browser or an app | 12 |
| Paying a bill using your mobile phone's web browser or an app | 12 |
| Sending money to relatives or friends within the U.S. | 6 |
| Making a donation or other payment using a text message | 5 |
| Sending money to relatives or friends outside the U.S. | 2 |
Note: Among respondents with mobile phones who did not use mobile payments in the past 12 months (n=1,802).
Figure 9. How safe do you believe people's personal information is when they use mobile banking?
| Mobile banking user | Not a mobile banking user | |
|---|---|---|
| Very safe | 16 | 2 |
| Somewhat safe | 55 | 23 |
| Somewhat unsafe | 19 | 29 |
| Very unsafe | 3 | 28 |
| Don't know | 6 | 18 |
Note: Among respondents with a mobile phone and bank account, for those who used mobile banking (n=801) and those who did not use mobile banking (n=1,343) in the past 12 months.
Figure 10. Which one of the following security aspects are you most concerned with?
| Percent | |
|---|---|
| All of the stated concerns | 37 |
| My phone getting hacked or someone intercepting my data | 25 |
| Losing my phone or having my phone stolen | 13 |
| Companies (merchants, banks, third parties) not providing sufficient security to protect my mobile transactions | 7 |
| Someone using my phone without permission to access my account | 4 |
| Malware or viruses being installed on my phone | 2 |
| Companies misusing my personal information | 2 |
| Other | 1 |
| No concerns/I think it is safe | 8 |
Note: Among respondents with a mobile phone (n=2,244).
Figure 11. Willingness to provide information using mobile phone
| I am willing to allow my mobile phone to provide my location to companies I shop with regularly so that they can offer me discounts, promotions, or services based on where I am. | I am willing to answer security questions or provide additional information to my bank or credit union when I log into mobile banking so my bank can enhance the security of my mobile transaction. | |
|---|---|---|
| Strongly agree | 6 | 32 |
| Agree | 35 | 42 |
| Disagree | 33 | 13 |
| Strongly disagree | 26 | 12 |
Note: Among smartphone users (n=1,680).
Figure 12. Do you receive each of the following kinds of alerts?
| Percent | |
|---|---|
| Low balance | 52 |
| Payment due | 43 |
| Deposit or withdrawal | 43 |
| Statement available notification | 38 |
| Fraud | 36 |
| Credit card balance | 22 |
| Saving reminders | 7 |
| Other | 5 |
Note: Among respondents with a mobile phone and bank account who used mobile banking in the past 12 months and who receive alerts (n=437). Respondents may receive alerts from their financial institution via push notification, text message, or e-mail.
Figure 13. Share of respondents that already do or would like to use mobile phone for any of the following purposes
| I already do | I would like to | |
|---|---|---|
| Track your finances, purchases, or expenses | 33 | 14 |
| Compare prices when shopping | 33 | 23 |
| Receive and manage discount offers and coupons | 25 | 25 |
| Receive offers and promotions based on your location | 19 | 22 |
| Organize, track, and store gift cards, memberships, loyalty and reward points | 14 | 22 |
Note: Among respondents with mobile phones (n=2,244).
