Payment Apps Popular Among All Age Groups
In the last few years, the market has become saturated with payment apps. From peer-to-peer transfer platforms to invoicing tools, there are countless ways for people to manage their money online. According to a new study from PSB and Financial Innovation Now, 66% of Americans have used payment apps in the past or actively use them now.
Nearly three-quarters (73%) of survey respondents said that payment apps are “vital tools” for managing their finances. A staggering 74% of respondents said they had used these apps to send money to family members, and 33% used them to pay rent. In a MetaBank study from last year, 24% of consumers said they would prefer using peer-to-peer (P2P) transfers to receive a refund from a business.
Payment apps are more popular among younger generations, but usage prevails across all generations: 83% of 18-24 year-olds have used at least one payment app, but so have 76% of adults ages 35-49 and 42% of Americans over 65. A study from Early Warning Signs, LLC showed that 50% of first-time P2P users are over the age of 45.
When comparing apps from tech companies to apps from financial institutions, 83% of respondents said tech-based apps did a better job at fulfilling their needs. They also said payment apps from tech companies were faster, more innovative, and more secure than traditional banking apps.
The information contained within this article was accurate as of February 12, 2020. For up-to-date
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