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Board of Governors of the Federal Reserve System
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 Figure 1: Usage of mobile banking and mobile payments by mobile phone type
Question(s) Response Rate
Q33 + Q21 == 2 Used mobile payments in the past 12 months: feature phone 5%
Q25 + Q21 == 2 Used mobile banking in the past 12 months: feature phone 6%
Q33 Used mobile payments in the past 12 months 15%
Q33 + Q21 == 1 Used mobile payments in the past 12 months: smartphone 24%
Q25 Used mobile banking in the past 12 months 28%
Q25 + Q21 == 1 Used mobile banking in the past 12 months: smartphone 48%
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 Figure 2: Usage of different means of accessing banking services
Question(s) Response Rate
Q33 Have you made a mobile payment in the past 12 months? 15%
Q25 Have you used mobile banking in the past 12 months? 29%
Q15 Have you used telephone banking in the past 12 months? 34%
Q14 Have you used an ATM in the past 12 months? 74%
Q19 Have you used online banking in the past 12 months? 74%
Q13 Have you visited a bank branch in the past 12 months? 85%

Note: The denominator is all respondents with a checking, savings, or money market account for each question. The percentages here may differ from subsequent incidence rates due to their sample being restricted to mobile phone owners.

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 Figure 3: Using your mobile phone, have you done any of the following in the past 12 months?
Response Rate
Other banking-related activities 1%
Received a fraud alert 4%
Refused to answer 5%
Deposited a check using mobile phone camera 21%
Located the closest in-network ATM for your bank 24%
Made a bill payment using banking website or app 27%
Received a text message alert from your bank 29%
Downloaded your bank's mobile banking app 49%
Transferred money between two accounts 53%
Checked an account balance or recent transactions 87%
Number of respondents 571

Note: This was question 28 in the survey (see Appendix 2); number of respondents was 571.

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 Figure 4: What are the main reasons you have decided not to use mobile banking?
Response Rate
Refused to answer 0%
Bank charges for mobile banking 1%
I don't do the banking in my household 5%
It's difficult or time consuming to set up 5%
Other 5%
I don't have a banking account 6%
It is too difficult to see on phone's screen 10%
The cost of data access is too high 11%
I don't trust the technology 14%
I don't have a smartphone/phone for mobile banking 40%
I don't see any reason to use mobile banking 47%
I'm concerned about the security of mobile banking 49%
My banking needs are being met 54%
Number of respondents 1,709

Note: This was question 40 in the survey (see Appendix 2); number of respondents was 1,709.

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 Figure 5: What are the main reasons you have decided not to use mobile payments?
Response Rate
Refused to answer 2%
The places I shop don't accept mobile payments 4%
It's difficult or time consuming to set up 5%
Other 7%
I don't know of any stores that allow mobile payments 9%
The cost of data acess on my wireless plan is too high 10%
I don't need to make any payments 10%
I don't really understand all the different options 14%
I don't trust the technology 16%
I don't have the necessary feature on my phone 30%
I don't see any benefit from using mobile payments 35%
It's easier to pay with another method 36%
I'm concerned about the security of mobile payments 38%
Number of respondents 1,973

Note: This was question 43 in the survey (see Appendix 2); number of respondents was 1,973.

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 Figure 6: How would you currently rate the overall security of mobile banking for protecting your personal information?
Response RateMobile banking user RateNot a mobile banking user
Very safe 27% 2%
Somewhat safe 52% 15%
Somewhat unsafe 8% 17%
Very unsafe 3% 15%
Don't know 9% 50%
Refused to answer 2% 1%
Number of respondents 571 1,709

Note: This was question 49 in the survey (see Appendix 2); number of respondents was 571 mobile banking users and 1,709 non-users of mobile banking.

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 Figure 7: Would you like to use your mobile phone for any of the following purposes, assuming they were made available to you?
Response Rate
Refused to answer 1%
As a form of photo identification 16%
As a key to enter your house 17%
As a ticket for buses, trains, or subways 17%
Purchase tickets to events 18%
Store gift cards, loyalty, and reward points 21%
Buy things at the point of sale 22%
As a membership card 23%
Track your finances on a daily basis 25%
To receive offers and promotions based on location 26%
To receive and manage discount offers and coupons 27%
Compare prices when shopping 39%
None of the above 41%
Number of respondents 2,291

Note: This was question 50 in the survey (see Appendix 2); number of respondents was 2,291.

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 Figure 8: What kind of text alerts do you receive?
Response Rate
Refused to answer 2%
Saving reminders 8%
Other 20%
Payment due alerts 37%
Fraud alerts 39%
Low balance alerts 63%
Number of respondents 168

Note: This was question 72 in the survey (see Appendix 2); number of respondents was 168.

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 Figure 9: Thinking of the most recent low-balance alert you received by text message, which of the following actions did you take after receiving the alert?
Response Rate
None 14%
Deposited money into the account 24%
Reduced my spending 36%
Transferred money into the account 54%
Number of respondents 109

Note: This was question 73 in the survey (see Appendix 2); number of respondents was 109.

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 Box 1 Figure A: Please choose the most important reason why you don't have a checking, savings or money markets account from the following list
Response Rate
The minimum balance is too high 2%
Cannot manage/balance an account 4%
Credit problems 5%
The fees and service charges are too high 6%
Other 7%
Refused to answer 9%
I don't like dealing with banks 11%
I don't write enough checks to make it worthwhile 16%
Don't have enough money 17%
Don't need or want an account 23%
Number of respondents 163

Note: This was question 3 in the survey (see Appendix 2); number of respondents was 163.

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 Box 2 Figure A: How was the money you received from the most recent payday loan or payday advance services spent?
Response Rate
Other 6%
Refused to answer 13%
Deposited to avoid overdraft change(s) 17%
Paying rent or mortgage 20%
Paying for an emergency expense 24%
Paying miscellaneous bills 30%
Buying food, groceries, or other living expenses 34%
Paying utility bills (phone, power, gas) 37%
Number of respondents 195

Note: This was question 6 in the survey (see Appendix 2); number of respondents was 195.

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 Box 2 Figure B: Thinking of the most recent time you took out a payday loan, what was the main reason for using a payday loan or payday advance service rather than a bank loan or credit card?
Response Rate
More comfortable with the payday lender than a bank 2%
I didn't want the loan to show up on my credit report 3%
Banks don't make loans for small amounts of money 6%
Other 7%
The payday lender's location was more convenient 10%
Refused to answer 11%
The payday loan was quicker 19%
It was easier to get a payday loan 21%
I didn't think I would qualify 22%
Number of respondents 195

Note: This was question 7 in the survey (see Appendix 2); number of respondents was 195.

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Last update: April 19, 2013