More Than a Quarter of Consumers Expect To Use a ‘Pay’ in the Next Six Months

By Kevin Woodward
@DTPaymentNews

Mobile-wallet adoption might get a boost through the rest of 2016 as 29% of consumers expect to use a mobile wallet like Apple Pay, Android Pay, or Samsung Pay before the end of the year, finds a survey from Computer Services Inc., a financial-technology company.

Most—71%—had no such expectations, according to the survey of nearly 2,100 adults conducted by Harris Poll in May.

Digging deeper provides more insight into those willing to make a mobile payment using a smart phone.

Younger consumers and those with higher annual incomes are more likely to use a mobile wallet than older consumers and those with less income.

Of those 18 to 34 years old, 43% said they were likely to use one of the “Pays” in the next few months. That compares with 38% for 35-to-44-year-olds, 27% for the 45-to-54 age group; and 22% for the 55-to-64 group. Only 13% of consumers 65 or older said they would use a mobile wallet.

The survey also found that higher-income consumers tend to be more inclined to use Apple Pay, Android Pay, or Samsung Pay. Thirty-seven percent of those with annual incomes of $100,000 or more anticipated using one of the mobile-payment services by year’s end. Of those with incomes of $75,000 to $99,999, 32% would use a service, 24% of those making between $50,000 and $74,999; and 28% of those earning less than $50,000.

Other findings include:

· 35% of men are likely to use a mobile wallet compared with 24% of women.

· Education level made little difference as 27% of those with a high-school education or less and those with some college education expected to use a mobile wallet, in comparison to 33% of those who graduated college.

· Thirty-nine percent of those with children in the household planned to use a mobile wallet, while 24% of those with no children said they would.