US Internet Users Still Mixed on Using Mobile Wallets - eMarketer

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US Internet Users Still Mixed on Using Mobile Wallets

Millennials are far more open to them than their older counterparts

August 29, 2016 | Retail & Ecommerce

Roughly half of US internet users don't plan to use a mobile wallet within the next six months. But, according to an August 2016 report, which looked closer at the sentiments of particular age groups, millennials appeared most likely to deploy an application like Apple Pay, Android Pay or Samsung Pay.

In May 2016, Computer Services Inc. (CSI) and Harris Interactive surveyed 2,095 US adult internet users about their banking habits and preferences.

Almost half (49%) of respondents said they felt strongly that they would not use a mobile wallet application within the next six months. Men (43%) were less likely to be strongly against using mobile wallets than women women (54%).

Age made an even bigger difference in respondents’ plans. While 69% of those ages 65 and older said they were firm on their stance that they would not deploy a mobile wallet soon, only one-third of 18- to 34-year-olds felt this way.

Another survey released, in July 2016 by from Urban Airship, also found millennials were the most likely generation to use a mobile wallet. Roughly two-thirds of US and UK millennials said they used one as of this past June, compared to 28% of baby boomers. The affluent also rated higher on mobile wallet usage.

While overall adoption of mobile payment apps appears to be at a slow crawl, some research suggests that people are warming up to the option. eMarketer believes proximity mobile payments in the US will ramp up aggressively this year because of broader merchant acceptance, among other reasons. As for cash, mobile wallets’ biggest competitor, many don’t expect that to go away anytime soon.

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