Only 12% of respondents to a recent U.S. Federal Reserve Board consumer survey said they had made a mobile payment within the previous 12 months, though 25% said they were interested in using their phones as a mobile wallet.
The online survey was conducted for the consumer research section of the Fed, the U.S. banking regulator, in December and January. It found that 47% of respondents who said they had used their phones to make a payment did so to pay a bill online. In addition, 36% said they made a purchase online and 21% said they also had made a peer-to-peer payment with their phones.
The biggest reason respondents gave for shunning mobile payments were security concerns, cited by 42% of the 1,780 people who responded to that particular question on the survey. But 37% also said they do not see any benefit from using mobile payments and 36% said they believe it is easier to pay with other methods.