BOSTON--(BUSINESS WIRE)--A new study just released by PYMNTS.com reveals that mobile wallet usage in the United States remains small and shows no signs of increasing soon.
According to the latest edition of the PYMNTS/InfoScout Mobile Payment Adoption less than one in twenty consumers who have one of the main wallet (Apple Pay, Samsung Pay, and Android Pay) use it when they can. The study also showed percentage of people who have so much as tried a mobile wallets appears has flatlined for most mobile wallets – except Apple Pay, which has been in the market the longest and actually seen its first time usage go down.
Other key findings from the PYMNTS/Infoscout Data include:
- Apple Pay leads the pack when it comes to number of consumer have at tied it at least once at 22%. That compared to about 15% for Samsung Pay and less than 10% for Android Pay.
- Samsung Pay leads when it comes to the fraction of people who have Samsung Pay on their phones and have used it for a transaction when they could because the merchant had the right technology with 4.5%. Apple Pay came in a close second at 4.0% and remains Android Pay remains far behind in third place at 1.1%.
- 3.3% of consumers have Walmart pay installed on their phone after 8 months in the market. That compares to Apple Pay (2.5 years in the market) and Samsung and Android Pay (1.5 years in the market) which have seen fairly flat usage stats for their entire existence.
According to survey respondents, the main reason they aren’t using mobile wallets is that they are happy with their current payment methods such as plastic cards and cash. One bright spot for mobile wallets is that people are becoming less worried about security.
According to Karen Webster, CEO of PYMNTS.com, “So far mobile wallets aren’t attracting much consumer interest with Apple Pay the oldest regularly clocking in between 4-5% of people who could use their wallet actually using it. The lesson, though, isn’t that wallets are dead but that the providers, and innovators, really need to focus on features—or something—that will get consumers, and merchants, excited."
The PYMNTS/InfoScout Mobile Payments Adoption Survey was conducted in March 2017 and is based on the responses form more than 7,655 thousand consumers.
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Editor's Insight: The vending industry is adding cashless payment acceptance at a steady rate, including the acceptance of mobile wallets. This data would suggest operators should not rely solely on mobile however, since the adoption is still relatively low. Operators will want to offer as many ways to pay as possible, and for now, that should include credit and debit cards when it comes to cashless.
