Report: Business pros lean on mobile payments

 In News

More than half of global business professionals said they use their mobile phones for payment transactions, according to a recent report from research firm Timetric.

The London, U.K.-based firm surveyed 300 professionals and found 52 percent indicated they use their mobile phones for payments, with business professionals in Asia-Pacific (58 percent) performing mobile payment transactions more frequently than their peers in other regions such as North America (56 percent) and Europe (46 percent).

Most respondents (35 percent) expect no change in proportion of payments they make through their mobile phones over the next six months. Thirty-one percent of participants, however, expect increases between 5 percent and 25 percent, with a higher percentage of male respondents having projected an increase in payments via mobile phones  in comparison with female respondents.

Regardless of region, 80 percent, 77 percent and 48 percent of customers highlighted ease of use, time and cost saving, and round-the-clock access respectively as the key drivers for mobile payments. In addition, 47 percent and 41 percent of respondents indicated preference for cashless transactions and increased penetration of smartphones, tablets and Internet as major factors boosting payments made using mobile phones.

“The working and living environment in which professionals operate today is changing quickly,” Vladimir Vukicevic, lead analyst at Timetric’s payment intelligence center, said in a statement. “Busy and dynamic lifestyles require that they communicate and transact on the go, and that is exactly what their mobile handsets allow them to do. Mobile phones provide professionals with convenience and offer time-saving. and this is going to drive usage of mobile handsets for payments in the future.”

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