Smartphonatics are consumers who change their shopping or financial behavior as a result of owning a smartphone
A study of mobile banking and payment adoption rates in 14 countries by ACI Worldwide and Aite Group has discovered a new category of consumers, known as Smartphonatics, that is driving the demand for mobile payments and banking.
A Smartphonatic is someone who changes their shopping, financial and payment behavior as a result of owning a smartphone. The report identifies a stark difference between mobile adoption among Smartphonatics and other consumers: while 80 percent of Smartphonatics have used their smartphones for mobile banking, only one-third of non-Smartphonatics report doing so. Similarly 70 percent of Smartphonatics have used their smartphones for mobile payments, but less than a quarter of non-Smartphonatics have done so.
The report asserts that Smartphonatics behavior is shaping consumers needs and requirements for mobile payment and banking solutions in todays market, and sets the bar for how financial institutions and retailers will have to respond over the next five years to stay competitive.
The report details specific geographic and demographic trends among this emerging market segment. Principal findings include:
Globally, nearly 25 percent of consumers can be classified as Smartphonatics.
Identified Smartphonatics by country represent a countrys mobile maturity level: India has the highest percentage of identified Smartphonatics, at 60 percent, followed by South Africa (42 percent). The fewest are found in Germany (10 percent), France (8 percent) and Canada (7 percent). The United States ranks in the middle at 20 percent.
Mobile banking adoption: India also ranks highest for mobile banking adoption at 76 percent, followed by China. Germany, with a 24 percent adoption rate, and Canada at 18 percent have the lowest rate of adoption.
Mobile payment services: (i.e. use of the smartphone to make a payment in a shop or to another person) from surveyed countries ranges from two-thirds of respondents in China and India to only 15 percent usage reported by Canadian participants and 13 percent reported by the French.
Smartphonatics are young: 36 percent of Gen Yers (between the ages of 20 and 31) are Smartphonatics as are nearly one-third of Gen Xers (ages 32 to 46). The number drops significantly among both Baby Boomers (ages 47-65) at 18 percent and Seniors (66+) at six percent.
(Click on the attachment to read the full report.)