Use of mobile wallets by US consumers rebounds, study finds

Thursday 7 November 2019 13:39 CET | News

A Mercator Advisory Group report has revealed that the use of mobile wallets by US consumers has rebounded to 2016 levels or higher after a two-year decline.

The study highlights consumers’ use and interest in mobile devices, the use of mobile wallets, how people use mobile wallets to shop, and the use of conversational interfaces. 

The use of any mobile payment has increased from 48% in 2018 to 60% in 2019. In comparison, in 2016, 53% reported using a mobile wallet. Similar findings are seen when usage of universal mobile payment and digital services wallets like Apple Pay and Google Pay is separated from usage of retailer-specific wallets like those of Starbucks and Walmart. 

Online service providers with built-in payments like Uber and Airbnb have also seen impressive growth from 2018 (36% vs 28%). 

Mobile is increasingly becoming a major part of consumer shopping in the US. Six in 10 report either browsing or shopping via mobile device in 2019. Mobile shopping is much more common among younger adults than others. For example, 57% of consumers 18 to 34 years or age have purchased a product or services through their smartphone compared to 19% of those 65 or older. 

The use of conversational interfaces through a device like a smartphone or smart speaker is currently relatively low. Two in 10 (22%) use the conversational interface on their smartphone and about 1 in 10 (12%) are using a smart speaker. The use of these interfaces for payment transactions (bill pay, ordering food, and purchasing goods and services) still has room to grow. 

The Mobile Payments: Making a Comeback report is based on a sample of 3,002 US adults surveyed in the annual online Payments survey of Mercator’s North American PaymentsInsights series, conducted in June 2019. 

Companies mentioned in the survey results shown include: Airbnb, Amazon, Apple, Booker, Chase, Fandango, Google, Lyft, OpenTable, Samsung, Uber, and Wells Fargo.

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Keywords: ,
Categories: Payments & Commerce | Mobile Payments
Countries: United States
This article is part of category

Payments & Commerce