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Survey reveals youth market is ready to use their mobile phones as a wallet

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Consumers confirm strong interest in using their mobile phone as wallet according to a recent market poll sponsored by Alcatel Lucent. These findings were uncovered as part of a youth market study exploring the appeal of a mobile wallet service.

The study, conducted by Alcatel-Lucent, over a two week period this summer, with members of its Youth Lab, indicated that eighty-one percent showed a strong interest in the service and 89% would be willing to pay a monthly fee.

Two hundred and twenty six members of the Youth Lab from 10 different countries, including; Spain, Brazil, France, United States, United Kingdom, China, Mexico, Germany, Italy and Japan, most of whom are already using their mobile phone for micro payments such as ringtones offered a fresh perspective on the appeal of mobile wallet services. Most notable in the survey results was the appeal of application scenarios and the ability for these applications to save time. The option to "Buy a movie ticket without needing to wait in line" was the most appealing to respondents. Seventy-five percent were interested in "location based coupons" and "profile based coupons".

For this research, mobile wallet was described as: No longer having to carry all of the cards you currently carry in your wallet for the services are provided via your mobile phone. You can securely pay your bills or make purchases at participating retail outlets using your mobile phone. Your mobile phone can be linked to your credit cards, bank accounts and/or your mobile phone bill. Loyalty cards, coupons, retail gift cards, all can be stored in your mobile phone. The mobile phone can even replace a key pass and membership card. You can also view your bank statements, checks or credit card slips, loyalty points, balance on gift cards, all on your mobile phone.

"User needs vary in different markets, which is why Alcatel-Lucent Alcatel-Lucent's Mobile Wallet Service (MWS) offering has the flexibility to adapt to emerging and developed market needs," said Toon Coppens, Director, Product Marketing Alcatel-Lucent Mobile Wallet Service. "MWS is a turnkey solution for mobile operators to deliver mobile payment and marketing programs including, person to person payment, personalized NFC coupons and m-commerce services to their end-customers."

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Tags: mobile banking  alcatel-lucent  option  mobile wallet