Everybody and their twelve-year-old cousin has a smartphone these days, and they’re being used for more than just texting, blogging and social media updates. As we grow increasingly comfortable with the presence of smartphones in our lives, we also are growing more comfortable with completing financial transactions on these devices.
Recent Pew Internet surveys found that more than one-third of smartphone owners have used their phones for online banking services, one in 10 Americans have used their phone to make a charitable contribution by text message and 46 percent of app users have purchased an app using their mobile device. Additionally, a Federal Reserve report from March showed that 21 percent of cell phone owners had used mobile banking services in the past year, and that another 11 percent planned to use them within the next year. Research from comScore also found that 38 percent of smartphone users have used their phone to make a purchase of some kind.
With society becoming increasingly comfortable with the notion of paying for services using their mobile phone, businesses need to make sure their sites are mobile phone accessible. If users are willing to virtually hand over money, why wouldn’t they also be searching for information on the go? Businesses should be building mobile sites, using QR codes, making their traditional sites mobile friendly and even considering adding in online transaction services when applicable.