Consumers are gradually using their mobile device to make payments, proving that smartphones are becoming the most important technology accessory amongst younger generations, per a recent survey by MasterCard Worldwide. 

The survey found that 63 percent of Americans between the ages of 18-34 would be at ease using mobile payment technology. Young, tech-savvy consumers are increasingly eager to expand the ways in which they can use their smartphone on the go.

Young at heart
While younger consumers are eager to use the new technology, older individuals expressed far greater apprehension, with only 37 percent of respondents 35 or older noting that they would be at ease using this new technology, per the survey.

MasterCard found that younger consumers are typically more at ease adapting to new technology ? having come of age in an era of rapid development and growth, while older individuals typically take more time to get on board with technology advances.

This is evident in the dependency younger individuals express towards their phone.

Sixty-five percent of individuals between 18-34 said they feel more naked without their devices than their wallets, compared to 34 percent of those in the 35 and older group.

Mobile study
A separate survey conducted by MasterCard Advisors found that demand for mobile payments has been growing for years.

Between 2009 and 2010, respondents showed a 67 percent increase in the number of purchases made via their mobile phone.

Increasingly, younger consumers closely identify with their mobile device, viewing it as an extension of their personality and a representation of their interests.

Over half of all respondents think that someone?s smartphone is more telling of their personality in comparison to their wallet.

In addition, the survey revealed that women take a more personal approach to their mobile devices.

According to MasterCard, men tend to be more willing to use their phones for payment transactions, and they perceive the transactions in a positive way.

However, women expressed greater apprehension about paying bills via a mobile device ? 51 percent of men versus 40 percent of woman.

More male respondents claimed that they would be impressed by someone who paid a bill with a mobile application.

This also signifies a larger shift away from traditional, paper billing mechanisms to virtual sales.

Increasingly, corporations are offering email and paper free receipts and purchasing options.