Credit Card News
Advertising Disclosure
Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from many credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.
Credit Card Applications » News » Other » Consumers Slow to Embrace Mobile Payment

Consumers Slow to Embrace Mobile Payment

By
Add to Favorites:

Digital wallets like Apple Pay and Samsung Pay are often in the news, so it’s natural to assume that mobile payments are trending with consumers. But according to a new study that may not be the case. While over half of consumers are well aware that they can use their phone to check out, only 18% actually use them once a week to buy something with two exceptions – Millennials and high-income consumers.

In the Accenture 2015 North America Consumer Digital Payments Survey, 4,000 smartphone users in the U.S. and Canada were interviewed about mobile payments. While some consumers may be slow to use their smartphones to actually make payments, the number of people who know they can is up 10% from last year. The number of people who actually do use digital wallets has only increased by 1%.

High earners and Millennials lead the way

While the number of people making purchases with their smartphones has stalled, high-income consumers and Millennials defied this trend with 38% of people who earn $150,000 or more indicating that they avid users of mobile wallets and payment systems while 23% of Millennial’s said that they pull out their phone at least once a week to pay for something at store, whether it’s a latte, clothing or dinner. Here they outperform all other age groups.

Sweetening the mobile payment pot

What would make people more willing to use their smartphones and devices at the register? The answer was clear– better security, rewards and discounts. Over three-quarters of people who are already using their devices to make payments, indicated that they would make more purchases if they received coupons or a discount to do so. Over half of those who aren’t doing it at all say that they would give it a try if they received special offers and discounts.

What is the most used mobile payment system? If you said Apple Pay you would be right, just a year after its launch the study found that it’s used for 68% of mobile purchases. The survey was conducted from June 15 to July 15.

Add to Favorites:

Related News:

New Credit Cards From Peoples Bank

By Dar Dowling, Posted: November 03, 2015

People's United Bank and Elan Financial Services have rolled out six new credit cards including the World Elite, World Bonus Rewards, World Bonus Rewards PLUS, Platinum, College and Secured cards. Continue reading
EMV Credit Card Deadline Finds People Unprepared

By Elizabeth Nelson, Posted: September 30, 2015

Starting tomorrow, merchants are supposed to be ready to accept EMV payments from consumers—or face the possible consequences, which could mean picking up the tab. Continue reading
Discover and Diners Club Acceptance on the Upswing

By Dar Dowling, Posted: May 23, 2016

When ordering online have you ever wished you could use your Discover or Diners Club card more often? Well if you have, then times are a changing because Discover has inked a deal with Computop to expand their International E-Commerce ... Continue reading
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.
Get 0% Intro APR on Balance Transfers and Purchases for 21 months. After that, the APR will be 12.24%-22.24% based upon your creditworthiness.
For Excellent/Good Credit
1% cash back on select purchases, terms apply
For Fair Credit
Guaranteed $500 Unsecured Credit Limit
For Bad Credit