Saturday , September 30, 2023

The Numbers Behind Younger Users’ Love Affair With Mobile Wallets And Online Banking

While mobile-wallet ownership holds steady at 45%, younger consumers are embracing the payment technology more readily than they were 10 months ago, according to a research from the big processor FIS Inc.

As of February, 65% of young Millennials use a mobile wallet, compared to 59% in April 2020. In addition, 57% of Gen Zer’s use mobile wallets, up from 50% in 2020.

At the same time, though, mobile-wallet ownership has decreased among senior Millennials, Gen Xers, and Baby Boomers. As of February, 53% of senior Millennials (ages 30-40) use a mobile wallet, down from 60% in April 2020. Among Gen Xers (ages 41-55) 46% use a mobile wallet, compared to 49% in 2020, and 32% of Baby Boomers (ages 56-74) use a mobile wallet compared to 37% in 2020.

In addition to the increase in wallet usage among Gen Zers and young Millennials, 32% of mobile-wallet users use three or more wallets as of February, up from 21% in April 2020. Millennials led the way with 27% of senior Millennials and 22% of young Millennials using three wallets. Among older demographics, 22% of Gen Xers use three wallets, compared to 14% of Gen Zers and 10% of Baby Boomers.  

Overall, 18% of consumers own three mobile wallets as of February, up from 10% in April 2020. Surprisingly, 2% of young Millennials say they use as many as nine wallets.

When it comes to using mobile/online banking, young Millennials continue to favor the online channel, with 29% saying they use mobile/online banking to conduct transactions they normally would in a branch. Baby Boomers were the next largest demographic to favor the online channel at 24%. In comparison, 22% of Gen Zers and senior Millennials, and 21% if Gen Xers, say they use online/mobile banking to conduct transactions they would normally perform in a bank branch. 

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