Mobile Payment Adoption Trends in The US

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Description

Why Read This Report

The promise of mobile payments technology has loomed large since Apple Pay was introduced in 2014. Over the past five years, many other mobile payment systems have joined the fray. But even while many U.S. retailers have integrated these technologies, the major mobile payment apps still have regular adoption rates of less than 10%. In this report, we highlight our latest forecast on mobile payment adoption, and we provide detailed information on who uses mobile payments, how they are using them, and what challenges are preventing widespread adoption.

 

Key Takeaways

Usage of Mobile Payments Continues to Grow
Mobile payments have grown to 66.6 million adults in 2019 or 28% of smartphone users. That is up from 61.2 million in 2018. We project that the market will grow to 81.2 million adults — 33% of smartphone users — by 2022.

Millennials Use Mobile Payments The Most
It stands to reason that younger consumers who have grown up in the age of smartphones would be more comfortable with mobile-based cashless payments. In fact, 43% of Millennials have used them to transact.

Lingering Hurdles to Adoption Still Remain
While the adoption rate has grown over the past few years, the U.S. still falls way behind other countries. Many consumers feel that legacy options like credit and debit cards work well enough that mobile payments don’t add very much additional convenience.

 

Charts Included

1-1 US Proximity Mobile Payment Users

1-2 US Mobile Payment Transaction Value

2-1 Amount of Cash Adults Carry Around

3-1 Mobile Payment Users, By Demographics

3-2 Frequency Millennials Use Mobile Payments

3-3 Platforms Mobile Payment Users Have Used

4-1 Products Purchased By Mobile Payment Users, By Demographics,

4-2 Average Transaction Amount Of Mobile Payment Users

5-1 Reasons Why Adults Don’t Use Mobile Payment Platforms