“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.”
Tag: digital payments
A new report, released by the TIAA Institute and the Global Financial Literacy Excellence Center (GFLEC) at the George Washington University School of Business, found there is a financial literacy gap among millennials. The report also found that while most millennials use their smartphones to manage their personal finances, financial technology (fin-tech) does not necessarily improve their personal finance management practices.
The majority of Americans (over six in ten) believe smartphone payments will eventually replace both payment card (66%) and cash (61%) transactions for a majority of purchases, signifying a fundamental shift in how Americans are likely to pay for goods and services in the years to come. A combined 13% of Americans indicate that they have either paid with smartphones themselves (4%) or witnessed it firsthand (8%), with predictably stronger experience levels among smartphone owners.