Should Mobile Payments Replace Credit Cards?

1361 Words Jul 8th, 2015 6 Pages
Research Details and Analysis
To answer my main question “Will mobile payments replace credit cards?”, I have conducted an online survey as part of the primary research. I received 92 responses from the survey. A 2009 study by Deloitte predicts that by the end of 2015, seventy percent of mobile payment users will be under the age of 40 and that the annual spend of these Millennials (also referred to as Generation Y) will reach $2.45 trillion dollars in the US alone.(Dennehy D, Sammon D, 2015). So, I have focused mainly on the age groups 18-29 which were 69% and 30-44 which were 21% of the total responses (Exhibit 1). 88% of the people were aware of the mobile payments (Exhibit 2) and 33% were extremely comfortable with the concept of mobile payments (Exhibit 3). The research clearly tells that people are aware of the technology and are comfortable using it. Respondents of the survey were concerned by the security threats that mobile payments impose, but then companies while putting this idea into implementation have to primarily take care of the security aspect of the mobile payments concept (Exhibit 4). As per the usage of mobile payments, respondents have primarily (52%) used mobile payments for online bill payments (Exhibit 5) while the retail usage is 30% which clearly suggests mobile payments still have a long way to go in future.
Along the lines of secondary research, I have utilized various publications from ScienceDirect, IEEE and Journal of Innovation Management.…
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