Mobile payments and mobile wallets Prove As younger consumers embrace physical and digital channels, it has become the preferred method of payment for all aspects of their daily lives.
A range of findings from the PYMNTS Intelligence report show just how prevalent smartphone use has become in purchasing all kinds of everyday items.
Report »Mobile wallets are becoming more popular” found that when it comes to digital purchases, older generations such as baby boomers and seniors still prefer to use computers. About Purchase Instead of a mobile device.
But when it comes to younger consumers, the pendulum has swung the other way: About a year ago, nearly one in four millennials and bridge millennials said they shopped for non-grocery retail items on their mobile phones.
PYMNTS Intelligence Report “Digital bill payment: Mobile wallets grow in popularity but challenges remain” According to the report, 60% of consumers will use mobile wallets to pay bills in 2023, up 22% from the previous year.
Part of the appeal of using digitally stored options lies in security features such as biometric authentication and tokenization, with over a third of users saying they believe digital wallets will replace nearly all the functions of physical wallets, including storing documents and other credentials.
The use of mobile devices and wallets means that at least some interaction is occurring. In everyday situationsFor example, 59% of consumers Have used Users who use mobile wallets to pay bills also use mobile apps to pay bills.
In May, visa Introducing new products to improve the quality of our products Mobile Banking The app is becoming more widely adopted by consumers. Visa Payments Passkey service verifies a consumer’s identity and authorizes online payments through a facial or fingerprint scan. When shopping online, Passkey eliminates the need for passwords or one-time codes, making transactions more efficient and secure.
Issuers will have several options for managing payment rules and settings. different Digital cards. Visa’s Tap to pay The service now has a 65% penetration rate globally, double the rate in 2019.
Fed highlights PYMNTS intelligence findings
PYMNTS Intelligence research reveals: Federal Reserve Bank of Atlanta “Survey and diary of consumer payment choicesThe central bank said that by the end of last year, 70% of U.S. consumers Mobile Payments 29% of U.S. consumer payments were made using a mobile device at least once in the past 12 months, and 27% of bills were paid using a mobile device. In 2018, only 8% of consumer payments were made via mobile.
