Passing along the 7th volume of our work on mobile payments. Please let us know if you have any questions. 

Open Report:Bespoke – Mobile Payments Vol 7

Key Takeaways:

  • Respondents who use mobile payments apps are more likely to be “underbanked” relative to those who do not use mobile payments apps.
  • Mobile payments are viewed as the most significant popularity gainer (more than credit cards and cash). Cash is viewed as a popularity loser.
  • Usage of instant deposit/instant transfer lightened a touch q/q and awareness that there is a fee associated with instant deposit with some providers also declined.
  • Mobile payments app users are less likely to use credit cards when they buy things from websites, food delivery apps, and ride sharing apps compared to non-mobile payment apps users.
  • Venmo users have been increasingly likely to say it is important to them that there is a social media element to their use of the platform.
  • Venmo users have been less likely to also be users of Zelle in recent quarters.

Key Charts: