NEW YORK—A new study shows four in five Americans use mobile payment apps, and 50% of Americans say they use these apps once a week or more often, the company reported.
Mobile payment app users have kept $316, on average, in their apps, the study from NerdWallet found.
The survey of more than 2,000 U.S. adults — among whom 1,701 use mobile payment apps — was conducted online by The Harris Poll and asked payment app users what they use apps for and whether they leave money in their apps instead of immediately transferring balances into their bank account.
The study further asked those who don’t use mobile payment apps why they opt out.
Key Findings
Among the key findings:
- Online shopping and paying back friends and family are top uses for mobile payment apps. The most common reason mobile payment app users use apps is to pay for an online purchase (50%), followed by paying back a friend (37%) or family member (35%) and paying bills (35%), according to the survey.
- Many leave money in apps instead of immediately transferring it. More than two-thirds of mobile payment app users (68%) say they maintain a balance in their apps; app users keep up to $316, on average, in their payment apps instead of transferring it to their bank account, the survey found.
- Many Americans who don’t use mobile payment apps cite security issues and lack of need. Nearly half of those who don’t use mobile payment apps (46%) say they don’t use them because they don’t trust the security of those apps, while 60% of non-app users are simply content with their current payment methods, according to the survey.
Now With Free Shipping! The CUToday.info Daily News Email Keeps Getting Better!
The biggest, best and freshest news reporting in credit unions remains free, and now has an added bonus---free shipping to your email address! That’s right. Each morning CUToday.info delivers its daily Fresh Today news update offering the latest headlines and breaking news right to your email, with the easy-to-read headlines format allowing you to click on the stories that interest you most in order to learn more. So stop paying those bank-fee-like subscription prices from other so-called “news” publications!
If you haven’t yet signed up for the new email solution on which CUToday.info has partnered with ResponseGenius, you can do so here. Signing up requires less than one minute of your time—and it’s free!
Please note that after signing up you may need to go to your Spam/Junk folder and mark the morning headlines email as safe. CUToday.info does not provide its list of readers and emails to outside parties, and we will not be contacting you to sell you an extended warranty or sending you any links so you may cash in on an inheritance you didn’t know was coming.
And did we mention it’s free?