New categories of consumer, called as Smartphonatics, are driving demand for mobile payments and banking, according to a new survey conducted by ACI Worldwide and Aite Group.
The study looked at mobile banking and payment adoption rates in 14 countries and has identified Smartphonatics, who use their smartphone quite often for various transactions.
The report revealed a wider difference in mobile adoption among Smartphonatics and other consumers, where 80% of Smartphonatics have used their smartphones for mobile banking against only one-third of non-Smartphonatics reported.
Also, 70% of Smartphonatics have used their smartphones for mobile payments compared to less than a quarter of non-Smartphonatics.
Aite Group senior analyst Ron Shevlin said Smartphonatics enthusiastically use their smartphones when they shop for products and services as well as when they interact with their banks.
"Smartphonatics are driving the adoption of mobile banking and payments and will be an agent for change," added Ron.
"Financial and retail institutions will need to adapt or risk being left behind."
The report claims Smartphonatics’ behavior is shaping consumers’ needs and requirements for mobile payment and banking solutions in today’s market, and sets the bar for how financial institutions and retailers will have to respond over the next five years to stay competitive.
Globally, around 25% of consumers count as Smartphonatics, and are more common in India and China than in the US and Europe.
India has the highest percentage of identified Smartphonatics at 60%, followed by South Africa at 42%, and the fewest in Germany, France and Canada at 10%, 8% and 7%, respectively with the US in the middle at 20%.
The study also showed the emergence of Smartphonatics will not result in the demise of traditional banking or payment systems.
