Mobile payments have seen rapid growth in recent times. Especially in the Danish, Chinese and Indian market, mobile payments have become a primary mode of payment. The use of mobile payment applications has seen a gradual rise in the US too. (mobile payment apps grew 29% YoY in 2020). Especially after the coronavirus outbreak, contactless payment is getting more prominent.
According to YouGov Profiles, more than 60% of Americans say they use mobile payment applications (PayPal, Venmo, Zella etc.) as given options for mobile payment; American who do not use mobile payment are 37%.
For online and in-store purchases, cash payment, debit, credit card rule as payment options. For online purchases, debit and credit cards are the most preferred options (52% and 50% respectively) for American adults while mobile payment app like PayPal (41%) comes after plastic money.
For in-store purchases, only 9% of American adults use mobile payment for in-store purchases. More than half of the American adults (59%) use cash followed by a Debit card (52%).
When given a choice to select at least one mobile payment option from a list, more than half of the American millennials (65%) in the US opt to choose online payment apps while 24% say do not use mobile payment. Gen Z, too, follows a similar trend, with 54% opting for mobile payments while 29% do not use mobile payment.
Apart from been having to choose any of the mobile payment options, for in-store and online payments, cash, debit and credit card is most preferred payment mode across the recent generations. Merely 12% of American millennials use mobile payment apps for in-store purchases while more than half (54%) prefer cash. Only 14% of Gen Z use mobile payment as a mode of payment; more than 58% opt for cash payment.
PayPal, Gift Cards, ‘Buy Now Pay Later’ are preferred after Debit and Credit card for online payment for the millennials and Gen Z.
Methodology: YouGov Profiles is based on continuously collected data and rolling surveys, rather than from a single limited questionnaire. Profiles data referenced is based on a sample size of 1,934 US adults. Online interviews were conducted over the last 20 days. Profiles data is nationally representative and weighted by age, gender, education, region, and race. Learn more about Profiles.
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