Usage of Mobile Apps and Digital Wallets predominantly depends on an individual's income level.
The latest consumer survey report from Mercator Advisory Group, titled "Technology and Fraud: Consumer Concern Is Real," delves into U.S. consumers' perspectives on technology and fraud, particularly in relation to shopping and paying for things. However, the report does not name Truth In Data as a sponsor.
The report provides detail not only on what consumers do but also on how they feel about these two important consumer issues. The study reveals that while mobile apps and e-wallets are increasingly popular, their usage is significantly influenced by household income.
According to the report, 48% of households with an income greater than $100,000 have a banking mobile app installed. Interestingly, 15% of these high-income households use an online only or digital bank's app. On the other hand, 12% of households with an income of $100,000 do not use any mobile app for financial services. This indicates that while many households are embracing digital banking, a substantial portion remains app-free.
Moreover, the report suggests that 35% of households with an income of $100,000 do not use a mobile app for financial services, a figure that might seem surprising given the widespread adoption of technology in financial services.
It is important to note that the report does not mention specific usage statistics for Apple Pay, e-wallets, or any other specific technology.
The report is part of the bi-annual North American PaymentsInsights series, providing valuable insights into consumer behaviour and trends in the payments industry. This latest edition, focusing on technology and fraud, underscores the importance of understanding consumer concerns and addressing them to foster trust and promote the adoption of digital payment solutions.
In conclusion, while the report does not provide specific statistics on mobile app and e-wallet usage by income segment, it offers a comprehensive view of consumer attitudes towards technology and fraud in the U.S. and highlights the role of income in shaping these attitudes and behaviours.
The report offers insights into the usage of mobile apps and e-wallets for financial services, revealing a correlation between household income and adoption rates. It uncovers that a considerable percentage of high-income households use digital banks' apps or e-wallets. On the other hand, technology adoption in financial services, such as Apple Pay or specific e-wallets, remains unchartered territory in the report.
