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Mobile wallets vie for consumer attention, but tech-based ones are most favored as 54% of credit cardholders use one of the big three—Apple Pay, Google Wallet, or Samsung Pay—finds new research from Auriemma Group.
Tracked by the New York City-based advisory firm since 2016 in its Mobile Pay Tracker, mobile payments services from the technology giants have jumped in use by 20 percentage points since the first quarter of 2019. Auriemma found that usage of Apple Pay (67%), Google Wallet (54%), and Samsung Wallet (35%) hit all-time highs in Q1-2024.
“Mobile payments obviously span far beyond Apple, Google, and Samsung’s offerings,” Jonathan O’Connor, Auriemma senior manager of research, says in a statement. “However, our research continues to highlight the importance of being first to market and having broad acceptance, with many of the more established players garnering higher usage and interest levels than their counterparts.”
Auriemma cites retailer wallet Walmart Pay as one example losing out to the tech triumvirate. Only 29% of consumers eligible to use it do so, Auriemma says. “Even when shopping with Walmart, most Mobile Pay users (54%) prefer to use Apple, Google, or Samsung Pay over both a traditional payment card (26%) and Walmart Pay (20%),” Auriemma says.
Apple Pay, Google Wallet, and Samsung Pay may face pressure to change for U.S. consumers if so-called super apps, which offer one-stop bundling of services like messaging, payments, and shopping, find favor here. Most of these apps have emerged overseas, particularly in China.
“While they have only started to make headway in the States, if their popularity rises, we may see traditional Mobile Pay providers adopting some of their features to remain competitive,” O’Connor says.
For all mobile-payments providers, the challenge will be to develop new features and respond with convenient and integrated services for consumers, he says. Auriemma surveyed 2,168 adult mobile-pay-eligible cardholders in April.
