More Consumers Are Using Their Smartphones to Make Purchases
6-20-2016
According to a recent study conducted by the Pew Charitable Trusts, in order to get consumers to use mobile payments, banks and services need to highlight how safe it is.
Consumer concerns include both monetary and identity theft, between baby boomers and Gen X alike, with mobile payments allowing for bill pay, retail purchases, and money transfers, all through your smartphone.
With roughly 7 out of 10 adults owning a smartphone, millennials and Gen Xers surpass older generations as more likely to have a smartphone and pay with it, with 72 percent versus 24 percent, respectively. The mobile payments audience is most likely to live in cities and have secondary education, according to Pew.
Learn more about the Pew study here.
About ETA
The Electronic Transactions Association (ETA) is the world’s leading advocacy and trade association for the payments industry. Our members span the breadth of significant payments and fintech companies, from the largest incumbent players to the emerging disruptors in the U.S. and in more than a dozen countries around the world. ETA members make commerce possible by processing approximately $56.75 trillion annually in purchases and P2P payments worldwide and deploying payments innovation to merchants and consumers.
ETAs membership spans the breadth of the payments industry to include independent sales organizations (ISOs), payments networks, financial institutions, transaction processors, mobile payments products and services, payments technologies, and software providers (ISV) and hardware suppliers. For more information, visit electran.org.
Related Posts
News
Guest Post: Payments Shock Factor: The Digital Acceleration No One Saw Coming
By Steve Villegas, VP, Payment Partnerships North America, PPRO To suggest that COVID-19 has transformed the future of business would be too obvious. But, in certain industries like retail, it is hard to fathom just . . .
8-19-2020
learn more
News
ETA Expert Insights: PCI DSS Validation Responsibilities for Payment Facilitators and Their Sub-Merchants
By Jim Bibles, Aperia, Chris Bucolo, ControlScan, and Lori Rainery First American Payment Systems, members of the ETA Payment Facilitator Committee. There are many misconceptions around the responsibilities of Payment Card Industry Data Security Standard . . .
8-5-2020
learn more
News
Guest Post: How the Pandemic Changed Unemployment Fraud
By Gurjot Kaur Bandasha, Engineering Manager, Dataseers On March 18, 2020, President Trump signed into law the Families First Coronavirus Response Act (FFCRA), which provided additional flexibility for state unemployment insurance agencies and additional administrative . . .
7-23-2020
learn more