Mobile Wallet Usage Has Nearly Tripled Among U.S. Consumers Since 2014

Mobile Wallet Usage Has Nearly Tripled Among U.S. Consumers Since 2014

Nearly one in five U.S. consumers now use their smartphone to make online payments, according to a new report from ACI Worldwide and Aite Group. Through a survey, the organizations found that 17% of people in the United States are now users of these so-called “mobile wallets,” nearly three times as many as the 6% who were doing so in 2014 when the company last conducted similar research.

Adoption is even higher in several European countries, led by the 25% of people in Spain who pay with smartphones. The United Kingdom, on the other hand, remains somewhat of a laggard with just 14% of consumers using a mobile wallet.

Regardless of the country-to-country differences, collectively “consumers in the U.S. and Europe are catching up with those in fast-growing economies in Asia and Latin America, where mobile wallets have already become the dominant payment platform,” said ACI Worldwide in a statement.

Mark Ranta, head of digital banking solutions, ACI Worldwide, points to launch of Apple Pay, which celebrates its three-year anniversary this month, with kickstarting the popularity.

“What we are seeing is a tipping point regarding adoption, which can be attributed to consumers worldwide now almost exclusively using payment-enabled devices, as older models have cycled out, with a few exceptions,” said Mark Ranta, head of digital banking solutions at ACI Worldwide.

(Photo Credit: eak_kkk / Pixabay)

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