JACKSONVILLE, Fla.—Mobile wallet ownership is holding steady at 45%, with younger consumers embracing the payment technology more readily than they were 10 months ago, according to research from FIS.
At the same time, though, mobile wallet ownership has decreased among senior Millennials, Gen Xers, and Baby Boomers, Digital Transactions said.
As of February, 65% of young Millennials use a mobile wallet, compared to 59% in April 2020. In addition, 57% of Gen Zer’s use mobile wallets, up from 50% in 2020. When it comes to using mobile/online banking, young Millennials continue to favor the online channel, with 29% saying they use mobile/online banking to conduct transactions they normally would in a branch, according to FIS.
Overall, 18% of consumers own three mobile wallets as of February, up from 10% in April 2020. Surprisingly, 2% of young Millennials say they use as many as nine wallets, Digital Transactions stated in its analysis.
Favorite Channel
When it comes to using mobile/online banking, young Millennials continue to favor the online channel, with 29% saying they use mobile/online banking to conduct transactions they normally would in a branch. FIS reported Baby Boomers were the next largest demographic to favor the online channel at 24%. In comparison, 22% of Gen Zers and senior Millennials, and 21% if Gen Xers, say they use online/mobile banking to conduct transactions they would normally perform in a bank branch.