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Data for today’s episode is provided by Mercator Advisory Group’s report – 2019 U.S. PaymentsInsights – Technology and Fraud: Consumer Concern Is Real.
Mobile apps & e-wallets use is largely dictated by income:
- There is a strong correlation between household income and installed banking apps & e-wallets
- 48% of households >$100K have a banking mobile app installed, vs. 33% <$100K
- PayPal & Venmo are the most ubiquitous: 41% of >$100K households vs. 35% of <$100K households
- Apple Pay has the greatest disparity among e-wallets: 27% of >$100K households vs. 15% of <$100K households
- 21% of households >$100K use an online only or digital bank’s app (12% <$100K).
- 40% of households <$100K use no mobile app for financial services
- 29% of households earning >$100K use no mobile app for financial services
Mercator Advisory Group’s most recent consumer survey report, Technology and Fraud: Consumer Concern Is Real, from the bi-annual North American PaymentsInsights series, takes an in-depth look at U.S. consumers’ current perspectives on technology and fraud.
This report explores how technology and fraud impact consumers lives and, in particular, the way they shop and pay for things. This includes detail on not only what they do but also how they feel about these two important consumer issues.