Two in three Americans (66%) use payment apps or have used them in the past, according to a new survey conducted by PSB on behalf of Financial Innovation Now, a public policy coalition comprised of Apple, Amazon, Google, Intuit, PayPal, Square, and Stripe.
The survey shows that four in five (83%) agree that “payment apps created by technology companies help address consumer needs that are unfulfilled by traditional financial institutions.”
Technology companies are leading the way with innovative payment apps that are a vital part of everyday life for millions of Americans, especially the underserved,” said Brian Peters, executive director, Financial Innovation Now. “Millions of Americans rely on fast and innovative payment apps to make their life better and easier every day, and consumers trust technology companies to build and deploy the most advanced measures to protect their customers.”
According to PSB, payment app usage – current or in the past – spans many key demographics: age, race, as well as geography, and political affiliation:
° Though younger Americans are more likely to use payment apps (for example, 83% of those 18-24 and 81% of those age 25-34), usage is pervasive among older Americans as well. 76% of Americans ages 35-49, and 57% of those ages 50-64 have used payment apps, and 42% of those age of 65 or older have used payment apps.
° As it relates to race and ethnicity, payment apps have been used by 62% of whites/caucasians and usage is even higher within minority communities such as blacks/African Americans (75%) and Hispanics/Latinos (80%).
° Payment app usage is high regardless of where people live, evident by similar usage from those who live in the suburbs (64%) and in urban settings (70%), as well as those in rural communities (64%).
° Politics today often draws Americans apart – but not when it comes to using payments apps: 71% of Democrats, 63% of Republicans, and 65% of Independents use payment apps.