NEW YORK—In an announcement that will surprise few, if anyone, within credit unions, a new study has found young consumers are turning to mobile payment apps over traditional payment methods.
Marqeta surveyed 4,000 consumers across three continents, including 1,000 U.K. respondents, and found 61% feel confident enough with contactless payments to leave their wallet at home and just take their phone.
That figure rises to over three quarters for U.K. Gen Z respondents, Tech Radar stated in its analysis.
Almost all (96%) U.K. consumers surveyed have used contactless in the last year, the study shows.
“What's more, 42% of U.K. respondents say it’s been so long since they used anything except contactless, they can’t even remember their PIN anymore, a figure that rises to 54% for those aged under 24,” Tech Radar said.