In an era dominated by digital innovation, the paradigm of financial transactions has undergone a transformative shift. Mobile wallets, once a novel concept, have now become an integral part of our daily lives, revolutionizing the way we manage, spend, and transfer money. From streamlined convenience to heightened security measures, the rise of mobile wallets has ushered in an era of unprecedented financial fluidity. What generation leads in mobile wallet usage?
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Data for today’s episode is provided by Javelin Strategy & Research’s Report: Apple Savings and the Emerging Personal Payment Stack
Mobile Wallet Usage by Generation
- 30% of Gen Y / Millenial users use mobile wallets often
- 21% of Gen Z users use mobile wallets often
- 17% of Gen X users use mobile wallets often
- 4% of Baby Boomer users use mobile wallets often
- 0% of the Silent Generation users use mobile wallets often
About Report
Apple has launched a Savings account attached to Apple Card, delivered through the Apple Wallet app. From a payments perspective, Savings represents a new attempt at traditional bank cross-selling — one that uses payment functionality as the top of the customer acquisition funnel rather than the financial institution that offers the payments features. An Apple Wallet/Pay-centric approach restricted to users of Apple devices limits the reach of the Apple financial ecosystem to the admittedly large and attractive customer base of Apple devices. Future success for Apple’s strategy rests on two pillars: 1) continued growth and retained adoption of Apple Wallet, which is contingent on 2) Apple’s retaining the ability to restrict access to the near-field communication chip in phone and watch devices.
Should Apple succeed at using Pay to drive customers into other financial products such as Card, Savings, and Pay, it could emerge as a personal payment stack service provider, distributing a full suite of financial products and leveraging the broader Apple relationship to deliver additional value to consumers.
