Mercator Advisory Group Announces New Research Examining Developments and Potential in Mobile Apps for Credit Cards
Boston, MA -- With the U.S. on the eve of the era of mobile phone-based payments and with mobile banking applications gaining consumer traction, mobile apps for credit cards may become critical features of credit card accounts in the future. Surprisingly, many issuers bury their current credit card apps in a broader online/mobile banking site and fail to feature the full extent of their mobile app features.
Mercator Advisory Group's latest report, Consumer Credit Card Mobile Apps: Waiting for Prime Time?, reviews consumers current mobile banking activities and the positioning of leading issuers' mobile apps today, and discusses future fields of mobile app development.
"Credit card issuers may be waiting for the highly anticipated dawn of the era of mobile payments, with its presumed dependence upon Near Field Communication-equipped smartphones and POS terminals. As discussed in the report, enabling a card account on a smartphone may indeed open new frontiers for account management tools and other mobile apps. However, these capabilities also open new battlefields for competitive account offerings, and issuers not serving their account holders," growing mobile appetites may find themselves at a competitive disadvantage. The era of mobile payments is not yet here, and the road to NFC-based payments seems longer every day, so there is still time to develop competitive mobile apps to intrigue and please account holders," comments Ken Paterson, VP for Research Operations at Mercator Advisory Group and the primary author of the report.
One of the nine exhibits included in this report:
Source: Mercator Advisory Group Customer Monitor
Survey Series 2011, Questions 34,38,39
This report contains 18 pages and nine exhibits.
Companies mentioned in this report include: American Express, Bank of America, Barclays, Capital One, Chase, Citibank, Discover, HSBC, US Bank, USAA, and Wells Fargo.