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India, China Lead Global Take-up of Mobile Transactions: Survey
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The study shows that consumers in the world’s fastest developing economies, India and China, are leading the drive for personal banking and retail transactions via their mobiles.
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Thursday, September 02, 2010:
Consumers in Brazil, Russia, India and China (BRIC) are actively embracing mobile networks as their de facto telecommunications standard and that too, despite concerns over privacy and data security. It has been revealed by “The Fourth Consumers & Convergence Report”, an annual KPMG survey which examines how consumers use technology. The survey claims to have covered 22 countries, surveying over 5,600 people on their day-to-day use of mobiles and PC technology.
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The study shows that consumers in the world’s fastest developing economies, India and China, are leading the drive for personal banking and retail transactions via their mobiles.
Respondents from BRIC nations have demonstrated greater willingness to pay for both online and mobile content, compared to G7 or global users, including content like news and information. The survey found they would also consider switching Internet service providers for exclusive content.
According to the survey, consumers, particularly in Asia Pacific (ASPAC) are increasingly adopting a variety of mobile and cloud-computing applications. They are also more willing to use their mobile phones for financial transactions, as well as receiving ads in return for cheaper basic services.
In India, despite concerns over privacy and data security, 38 per cent of respondents said they have used their mobiles to shop from a retailer’s site, and 43 per cent for banking transactions (a significant increase over the previous survey, 8 percent and 3 percent, respectively).
This is a global trend too. Compared with only 18 months ago, the global percentage of respondents who have used their mobile device for banking has more than doubled from 19 per cent to 46 per cent, while the percentage that have used it to buy goods and services has increased from 10 per cent to 28 per cent.
Jehil Thakkar, executive director, KPMG India, said: “Of those surveyed India, 5 percent of total respondents conduct banking through a mobile device almost daily while 10 per cent do so weekly. 43 per cent of those surveyed said that they have done banking through their mobile device at some point. This number was insignificant when compared to our last survey that used data of 2008. These results clearly indicate that mobile banking is being rapidly embraced by the Indian consumer.”
Service providers have the opportunity and challenge to address the needs of early adopters and more sophisticated mobile consumers in all regions, but particularly in ASPAC. The expanding sophistication of the global user base has led to dynamic shifts in consumer attitudes with strategic and tactical implications for a number of industries including technology, telecommunications, media, retail and financial service.
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