Nearly Half of Americans Ages 45+ Trust P2P
“Early Warning Services, LLC, the network operator behind Zelle, today released the results of its second Digital Payments Adoption Study. It found that 50% of first time P2P users are aged 45 and older. Not just for younger generations, older generations are trialing P2P because of growing confidence and trust in digital payments.”
“The study surveyed more than 1,500 U.S. consumers in Q4-2018 to measure consumers’ trial and usage of payment solutions.”
“‘Consumers above the age of 45 are overcoming their skepticism of P2P and are beginning to trial digital payments as part of their changing mobile and online banking behavior,’ said Ravi Loganathan, Chief Data Officer at Early Warning. ‘Generation X and boomers have a high degree of trust in their financial institutions. The increase in trial can be attributed to solutions, such as Zelle, being included within the banking apps these consumers are comfortable using.'”
According to AudienceSCAN, Mobile Wallet Users use their mobile devices for a number of purposes. Within just the last few months, these consumers used mobile devices to watch online or streamed videos (72.5%), purchase products (65.5%) and get maps or directions to a retailer (51.9%). They’re also 90% more likely than other adults to find advertising on their mobile apps useful and, last year, 59% took action after either seeing an ad on their mobile smartphone apps or receiving an ad via text message.
“Fifty-two percent of Generation X and 46% of boomer respondents said that they “trust” P2P payments, and are interested in using available solutions. Seventy-six percent of Generation X and 74% of boomers surveyed ranked ‘offered through a financial institution they use’ as a top reason to trial P2P payments.”
Banks and other businesses that offer P2P payment options can target Mobile Wallet Users many ways. Last year, 58.7% of these consumers took action after receiving email ads and 51.2% clicked on text link ads on websites. They’re also 62% more likely than other adults to find advertisements on social media useful. Also within the last year, 71.1% took action after seeing TV commercials and 63.4% reacted to ads they received via direct mail.
AudienceSCAN data is available for your applications and dashboards through the SalesFuel API. Media companies and agencies can access AudienceSCAN data through the AudienceSCAN Reports in AdMall.