New research has identified the rise of a new group of consumers who are driving the demand for mobile payments and banking. A Smartphonatic, according to an ACI Worldwide study carried out by Aite Group, is someone who changes their shopping, financial and payment behaviour as a result of owning a smartphone.

Findings show that globally, nearly 25 per cent of consumers can be classified as Smartphonatics and among 14 of the world’s major economies India (60 per cent), South Africa (42 per cent) and Brazil (37 per cent) take the top three slots, while Germany (10 per cent), France (eight per cent) and Canada (seven per cent) languish at the bottom. The UK is placed 10th in the rankings with just 16 per cent of its population classified as such.

The report identifies a stark difference between mobile adoption among Smartphonatics and other consumers: while 80 per cent of Smartphonatics have used their smartphones for mobile banking only one-third of non-Smartphonatics report doing so. Similarly 70 per cent have used their smartphones for mobile payments, less than a quarter of non-Smartphonatics have done so.

“Smartphonatics enthusiastically use their smartphones when they shop for products and services as well as when they interact with their banks,” says Ron Shevlin, senior analyst, Aite Group. “They exist around the world and while they may be more concentrated in some countries it is quite clear they are an emerging consumer force. They are driving the adoption of mobile banking and payments and will be an agent for change. Financial and retail institutions will need to adapt or risk being left behind.”

The study also determined that the emergence of this group of consumers will not result in the demise of traditional banking or payment systems. While using a mobile device is the preferred method of payment and banking in many groups, it is not expected to be the only method. Smartphonatics are more willing than other consumers to experiment with different approaches to mobile payments and banking. Also, simply owning a smartphone does not make one a Smartphonatic.

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