Findings show that Hispanic Millennials, those aged 18 to 34, are more likely to use a mobile wallet like Apple Pay when compared to Hispanics ages 35-64. However, when examining by income levels, the research reveals that Hispanic Millennials with household incomes over USD 46,000 have a 79% awareness of mobile wallet services vs. 63% by their lower income peers. But according to Media Post it is only a matter of time before lower income Hispanic Millennials catch up as they see more outlets accepting mobile payments.
Foreign-born Hispanic Millennials have a greater interest than their US-born peers for mobile wallet services – 63% to 43% respectively for Apple Pay and 64% to 53% respectively for Google Wallet.
The study also concluded that banks could be doing a lot more for foreign-born Hispanic Millennials – being first with their own mobile products that allow these consumers mobile pay, mobile deposit, and other benefits that open the doors to mobile banking.
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