DALLAS, August 13, 2012 -
Cash or credit? Soon consumers may replace both with their favorite
mobile device according to a recent survey from Dallas-based SWACHA, one
of the largest not-for-profit electronic payments associations in the
country. According to SWACHA's Consumer Insights Survey mobile banking
usage has tripled with 20 percent of those surveyed currently banking on
their phones compared to 7 percent in 2009.
more consumers use their mobile devices to make purchases the use of
cash is in sharp decline according to the survey with consumers
reporting they can go an average of 95 days without making a cash
purchase compared to 53 days in 2009.
payments are the next frontier for our industry and we expect the
service to spread quickly over the next few years," said Dennis Simmons,
AAP, president and CEO of SWACHA. "People are widely using their phones
to check their account balance and transfer money, and as financial
institutions, mobile devices and retailers adopt the technology we
expect most people to swipe their phone at the register of their
favorite stores as well."
survey revealed people currently use mobile devices for banking in a
variety of ways. 94 percent of respondents reported checking account
balances, 59 percent transfer money between accounts, 36 percent pay
bills and 18 percent make purchases.
mobile banking's increasing popularity, financial institutions must
address concerns about the security of transactions made on a mobile
device. According SWACHA's survey, 52 percent of those surveyed cited
security concerns as the primary reason they do not use mobile banking.
is our responsibility as an electronic payments resource to keep
financial institutions informed on security for mobile transactions and
help raise awareness on mobile security as more people bank on the go,"
said Simmons. "We believe mobile banking will be the personal finance
tool of the future, and we look forward to watching how people will make
payments in the coming years."
About the Survey
online survey of 600 Texas residents was conducted in August 2011 by
Decision Analyst with a confidence interval of 95 percent and a
corresponding margin of error of +/- 4 percent. Only
those respondents who identified themselves as the person responsible
for paying household bills were permitted to complete the survey.
SWACHA-The Electronic Payments Resource®,
is one of the largest not-for-profit regional payments associations in
the country with approximately 1,100 members across the Southwest.
SWACHA is the resource of choice for financial institutions and
corporations in the areas of education, training, payments system risks
and knowledge about electronic payments.