Tuesday , August 20, 2019

No Argument Here: Younger Consumers More Likely To Use Mobile Wallets

Twice as many 18-to-34 years old consumers, 32%, are likely to use mobile wallets like Apple Pay or Google Wallet as those 35 and older (16%), according to a survey of more than 900 adults by Fair Isaac Corp.

That divide is even more pronounced among respondents 50 years or older, a group in which only 8% said they would likely consider using a mobile wallet in the next 12 months.

The survey also found that 52% of 18-to-34-year-old consumers, also known as millennials, already use or are very likely to use non-traditional payment providers in the next 12 months.

Indeed, already a sizable number of consumers from all age groups—39%—are likely to use a Venmo or PayPal account in the next 12 months, and 18% are likely to make a mobile payment.

Venmo, which is part of the Braintree unit at PayPal, enables mobile person-to-person payments.

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