WESTFIELD, N.J.–In a market seeking to make transactions ever easier, just how open are consumers to using emojis to make a payment?
A surprisingly large number of people say they are quite open to the idea, which is already in practice at some providers.
According to a survey conducted by Moneyzine.com, when asked whether they would consider using emojis to make payments:
- Gen Z (71%) is almost twice as likely than Boomers (40%) to do so
- Gen X are also significantly less likely to do so (57%)
- The most popular purchases to make using an emoji are for takeout meals, clothing and streaming services
- More than 1 in 2 of people say they feel more comfortable using emojis than language
- Nine in 10 of people believe emojis enable them to speak across language boundaries
But when it comes to using emojis in general, Moneyzine said it also found:
- More than a third of people have sent an emoji they later regretted
- Almost two thirds have received an emoji that didn’t match the emotion the person was trying to communicate
- 47% say they have had an emoji misinterpreted or taken out of context
Moneyzine.com noted both Monzo and Venmo encourage users to use emojis to accompany payment.
Sad Face Emoji
The report added, however, “The only company to build a business model around emoji-based payment was Plynk, but since has gone broke.”
The full report can be found here.
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