Payment Technologies Used by Older Generations:
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Data for today’s episode is provided by Mercator Advisory Group’s Report: 2022 North American PaymentsInsights: Navigating Mobile Payment Technology Adoption
Payment Technologies Used by Older Generations:
- Older generations refer to Gen X (age 41-56) and Baby Boomers (age 57-75).
- 87% of older consumers inserted a payment card into a payment terminal in the past 12 months.
- 34% of older consumers waved or tapped a payment card at the payment terminal in the past 12 months.
- 18.7% of older consumers used a universal payment app or wallet in the past 12 months.
- 18.5% of older consumers used a smartphone with a retailer-specific payment app in the past 12 months.
- 6.8% of older consumers used a smartwatch or other wearable with a universal payment app/wallet in the past 12 months.
- 6.7% of older consumers used a smartwatch or other wearable with a retailer-specific payment app in the past 12 months.
About Report
Mercator Advisory Group’s most recent report, 2022 North American PaymentsInsights: Navigating Mobile Payment Technology Adoption, analyzes the informed and savvy shopper’s preferences and influences regarding use of mobile payment technology and digital payment adoption. Purchasing behaviors of consumers are highlighted and compared as they make purchases in stores, in apps, and on the web.
The report is based on the North American PaymentsInsights survey, administered in 2021 to a U.S. nationally representative sample of 3000 consumers, ages 18 years or older.
“User preferences are vital influences on smartphone adoption, which seem to be a low-risk option for most. However, the adoption of digital wallet technology seems to be a concern for some.” says Amy Dunckelmann, VP, Research Operations at Mercator Advisory Group.
