US consumers aged between 18 and 24 are by far the most likely to make a payment while using their mobile phone, research from GfK shows, with more than half (53%) having made a mobile payment while using the internet in the past six months.
37% of 25 to 34 year olds (Gen Y) made a mobile payment during the same period, followed by 27% of 35 to 49 year olds (Gen X) and 14% of 50 to 68 year olds (Baby Boomers).
One in three (31%) of the Generation Z consumers — those aged between 18 and 24 — agree that making mobile payments with a mobile device is more secure than other methods, double the general population level of 16% and five times the Baby Boomer score of 6%.
Gen Z consumers are also twice as likely to make a mobile payment as the total population — smartphones, tablets and other mobile devices account for just 3% of all transactions in the US, but rise to 7% among Gen Z.
The research, based on the responses of 1,000 US consumers, also shows that 53% of Gen Z consumers are looking forward to making “more and more transactions” from mobile devices. This represents twice the overall US average of 27% and is higher than either Gen Y (45%) or Gen X (30%).
“Many consumers today do not understand the value proposition offered by mobile payments,” says Tim Spenny, vice president of GfK’s financial services team. “This creates an opportunity for the industry to develop its own narrative around why people should use mobile devices to pay for their purchases — with security, speed and ease of use top among the reasons.
“In 2016, we see mobile payments gaining traction through the addition of benefits such as rewards, discounts and coupons that are integrated into phone payment systems.”