Mobile wallets linked to credit cards jumped to 40%

This is despite security concerns amongst non-users.

Market research firm J.D. Power revealed that the proportion of mobile payments linked to credit cards in Singapore increased from 26% in 2016 to 40% in 2017.

According to its 2017 Singapore Credit Card Satisfaction Study, this is despite the fact that security is the main concern of consumers who don't use a mobile wallet.

The proportions in other countries hit 41% in Hong Kong, 23% in the United States, and 14% in Australia.

The study revealed that 79% of cardholders are under a rewards programme. Satisfaction of these customers is 31 points higher than those who are not under a rewards programme.

In addition, cardholders under a rewards programme spend 29% more at $1,035 a month than those who do not have such a programme at $802 a month.

However, only 26% of cardholders completely understand how to earn and redeem through the rewards programme.

Here's more from J.D. Power:

Interaction via websites has also grown to 83% this year from 76% last year. In contrast, usage of traditional channels is lower, with automated phone usage growing to 31% from 21% year over year and live phone interaction growing to 45% from 40%.

Satisfaction among cardholders who use the online channel is lower than among those who use a mobile app (736 vs. 753, respectively).

Rewards programme (37%); cashback (50%); and discounts and promotion (33%) are the key features that cardholders look for in selecting their primary card.

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