Mobile Banking Takes Off - Other News


ADVERTISING DISCLOSURE: is an independent, advertising-supported web site. receives compensation from most 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. has not reviewed all available credit card offers in the marketplace.

Credit Card Applications » News » Other » Mobile Banking Takes Off

Mobile Banking Takes Off

The content is accurate at the time of publication and is subject to change.

People are embracing mobile banking apps at a rapid rate, according to a recent analysis of consumer payments habits.

Payment processing firm TSYS surveyed over 1,000 people online and found that half of them had mobile banking apps downloaded onto their smartphones. Of those who had apps on their phone, 70% reported using them at least a few times each month.

The 2015 U.S. Consumer Payment Choice Study was TSYS’s fifth annual report, and showed several significant changed in consumer behavior since last year. This was the first year that the survey included questions about mobile banking.

Other key findings included information about which payment methods people prefer, how they choose which credit card to use, and what kind of communications people want to get from their financial institutions.

Debit still most popular choice, but is on the wane

Asked about their preferred payment method, people were still most likely to choose their debit cards. However, debit card use is declining slightly, while consumers’ fondness for credit is holding steady.

Forty-one percent of those surveyed said debit cards were their first choice of payment type, down from 43% last year and 49% in 2013. Credit cards were the first pick for 35% of folks, same as last year.

Credit card rewards lure users

When it comes to which credit card to use, people look to which one will give them the biggest bang for their buck. Rewards programs factor heavily into credit card preference, with 55% of respondents saying that the best part of their favorite credit card is its loyalty perks.

Cash back, points, or frequent flyer miles are the most common rewards offered by credit cards.

Email, digital, and mobile taking over the payments landscape

As far as communications about purchases and other transactions, email is the preferred mode of contact for 46% of those surveyed.

People don’t want to get too many messages about special offers, however. Forty-three percent of survey respondents said they wanted to receive marketing offers only once a month.

Digital communications and mobile payments will only become more popular over the next few years, said TSYS executive John Dale Hester. “We expect the emphasis on digital engagement and technology to continue as innovation increases and new products become available to consumers,” he said.

The group presented their research at the PayThink Conference in Las Vegas in September. A copy of their full report is available here.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
Add to Favorites:

Related News:

At Home and Synchrony Financial Team Up
At Home and Synchrony Financial Team Up

Posted: October 19, 2016

If you are a fan of the At Home (HOME) stores and are looking to finance those big-ticket purchases you may be happy to know they have stuck a deal with Synchrony Financial to begin offering customers access to both a Dual Card and private… Continue reading

Synchrony Teaming Up with TJX Companies
Synchrony Teaming Up with TJX Companies

Posted: October 26, 2016

Synchrony Financial has signed a renewal deal with The TJX Companies, Inc., a multi-year deal in which the issuer will continue to provide the off-price retailer of apparel and home fashions with consumer finance options. Continue reading

Global Study Shows That New Tech Boosts Credit Card Use
Global Study Shows That New Tech Boosts Credit Card Use

Posted: March 18, 2016

Electronic payments are not only in style with consumers and retailers, they have also had a profound impact on the global economy, according to a new study by Visa. Continue reading

Get the latest news, articles and expert advice delivered to your inbox. It's FREE.
The Citi Rewards+℠ Card - the only credit card that automatically rounds up to the nearest 10 points on every purchase - with no cap.
For Excellent, Good Credit
Earn unlimited 1.5% cash rewards on all purchases.
For Good, Excellent Credit
See Rates & Fees
Perfect credit not required for approval; we may approve you when others won’t
For Fair/Bad Credit
You've successfully subscribed!

Please specify the following:All these fields are optional

Your Credit History
Themes you are interested in:

By providing this information you help us make our news letters more useful and informative. Thank you!