NEW YORK—A new report reveals 51.1% of consumers who now use mobile banking apps are using them more often than they did before the pandemic’s onset in March.
According to the November Mobile Banking Report from Pymnts.com, consumers are 8.7% more likely to be using mobile banking apps now than they were in 2019.
“No matter how you slice it, mobile banking is on the rise, with more than half of all bank customers in the U.S.—118 million individuals—now use mobile banking apps,” Pymnts.com said.
The report notes a 200% uptick in mobile banking registrations occurred in the month of April, and many first-time users tried mobile banking apps for the explicit purpose of being able to check stimulus payments’ statuses.
“Whatever their reasons, the ranks of mobile banking consumers are expanding. FIs and their clients and partners need to understand the mindset of both old-hands and newly-minted mobile banking users to get ahead of the innovation they’re already demanding,” Pymnts.com said.
Use of Phones to Order Food, Merchandise Rises Sharply
Meanwhile, more than 74% of Americans used their phone to order and pay for food and merchandise at least once a week, with nearly 48% using their phones for purchases several times a week or more, a new report shows.
According to a study from Appetize, more than half of Americans (54.8%) used their phone for online retail (i.e.: Amazon); 25% used it for food app/restaurant delivery and 9.3% used their phone for in-store purchase, such as “tap to pay” at checkout.
Although mobile ordering has been on the rise in America, 55% of consumers still prefer using credit cards, and 16.37% prefer payment using a mobile phone, Mobile Payments Today said.