The new face of mobile payment
An emerging consumer demographic is showing strong support for an emerging trend in transactions.
A new GfK study of 1,000 U.S. consumers shows that Generation Z (ages 18 to 24) is twice as likely to make a mobile payment as the total population. Smartphones, tablets, and other mobile devices account for just 3% of all transactions in the U.S. – but 7% among Gen Z.
More than half (53%) of Gen Z respondents said they have made a mobile payment while using the Internet in the past six months. That is almost four times the rate (14%) for Baby Boomers (ages 50 to 68). Gen Y (ages 25 to 34) came in at 37%, and Gen X (35 to 49) at 27%.
About one-third (31%) of Gen Z consumers agree that “making payments with a mobile device is more secure than other methods”; this is double the general population level (16%), and five times the Baby Boomer score of 6%.
The study also shows that more than half (53%) of Gen Z respondents are looking forward to paying for “more and more transactions” from mobile devices. This is twice the overall US average (27%), and higher than Gen Y (45%) and Gen X (30%).
“Many consumers today do not understand the value proposition offered by mobile payments,” said Tim Spenny VP of financial services, GfK. “This creates an opportunity for the industry to develop its own narrative around why people should use mobile devices to pay for their purchases – with security, speed, and ease of use top among the reasons. In 2016, we see mobile payments gaining traction through the addition of benefits such as rewards, discounts, and coupons that are integrated into phone payment systems.”
A new GfK study of 1,000 U.S. consumers shows that Generation Z (ages 18 to 24) is twice as likely to make a mobile payment as the total population. Smartphones, tablets, and other mobile devices account for just 3% of all transactions in the U.S. – but 7% among Gen Z.
More than half (53%) of Gen Z respondents said they have made a mobile payment while using the Internet in the past six months. That is almost four times the rate (14%) for Baby Boomers (ages 50 to 68). Gen Y (ages 25 to 34) came in at 37%, and Gen X (35 to 49) at 27%.
About one-third (31%) of Gen Z consumers agree that “making payments with a mobile device is more secure than other methods”; this is double the general population level (16%), and five times the Baby Boomer score of 6%.
The study also shows that more than half (53%) of Gen Z respondents are looking forward to paying for “more and more transactions” from mobile devices. This is twice the overall US average (27%), and higher than Gen Y (45%) and Gen X (30%).
“Many consumers today do not understand the value proposition offered by mobile payments,” said Tim Spenny VP of financial services, GfK. “This creates an opportunity for the industry to develop its own narrative around why people should use mobile devices to pay for their purchases – with security, speed, and ease of use top among the reasons. In 2016, we see mobile payments gaining traction through the addition of benefits such as rewards, discounts, and coupons that are integrated into phone payment systems.”
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