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An April poll of 2,503 college students around the country revealed that 42 percent would "probably not" or "definitely not" make more mobile payments if they were widely available.
The study, sponsored by Balance Innovations, showed that another 42 percent reported they would use their mobile phone "somewhat more, depending on the retailer or purchase." Sixteen percent of those surveyed said they absolutely would use mobile payments "all the time."
"Because they are front-runners of technology and avid smartphone users, we anticipated higher interest in the use of mobile payments among these 18- to 24-year-olds," said Steve Rempel, president and CEO at Balance Innovations. "But this is a reminder that it's the consumer, not the retailer, who ultimately drives the rise and fall of payment technologies, as well as the pace of adoption. The payments industry needs to keep a finger on the pulse of the shopper to meet their technology preferences."
Additional insights from the survey include:
The survey, conducted by 210 Analytics, LLC, polled a nationwide sample of 2,503 college students April 8-13, 2014.