Don’t miss another episode of Truth In Data! Click on the red bell in the lower-left corner of your screen to receive notifications as soon as the episode publishes.
Data for today’s episode is provided by Mercator Advisory Group’s report – 2019 U.S. PaymentsInsights – Technology and Fraud: Consumer Concern Is Real.
What Demographic Factors Drive New Payment Tech Adoption?
- Age, education, and sex are the most highly correlated demographic factors driving tech adoption
- Age disparity is the most dramatic around mobile apps like Apple/Google Pay: 18-34 – 53%+; 55+ – ~10%
- 41% of college educated consumers have tapped their card to pay, compared to 31% of non-college graduates.
- Similar disparities exist for pay with QR Codes, pay with smart speaker, and pay with wearables
- Roughly 10% more male consumers have tried new payment technologies (apps, speakers, wearables) than females
- One tech unaffected by age, sex, and education is pay with chip, where demographics are equal
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.