Mobile Wallet Use Up In 2016

Tuesday, December 6th, 2016
Updated: December 6th, 2016
The content is accurate at the time of publication and is subject to change.

It seems that people are always looking for an easier and more convenient way to pay for their purchases. Still, it’s taken some time for folks to get comfortable using their phones at the register, through one of the many mobile wallet apps available. Finally, there are signs that the tide is turning and people are becoming more used to mobile wallet technology.

The Capital One Wallet Survey found that in 2016, nearly a quarter of respondents said they were taking advantage of mobile wallet apps. They may or may not be making actual purchases with those apps, but they are using them in some capacity or other.

Sixteen percent of those surveyed said they’d made a purchase with their mobile wallet over the past year, while 24% were using a mobile wallet in some way. Of those 24%, more than 63% have only recently begun using mobile wallets; they said they’d been using it for less than one year.

The holidays give folks a reason to use their mobile wallets

As the holidays approached, almost half of those who are using mobile wallets said they’d use theirs to buy a holiday gift. And they’d use them even more, if more merchants allowed them to use them. Many smaller stores still don’t have the technology to accept mobile payments.

Almost every credit card issuer, however, does participate in some mobile wallet platform. Whether you have a Chase card, a Citi card, a Mastercard, Visa, or American Express card, you can use Apple Pay, Chase Pay, Google Wallet, PayPal, Android Pay, or another mobile wallet.

Grocery stores and fast food places see increased mobile wallet use

When asked where they use their mobile wallets, 49% of folks said they used them at a regular retail store. Narrowing it down, 41% said they’d used a mobile wallet at the grocery store, and 37% said they’d used it to pay for a fast food purchase. Drug stores were a slightly less common place to use mobile wallets, with only 26% of folks reporting using their mobile wallet there.

The Capital One Wallet Survey was conducted specifically to find out people’s attitudes toward mobile wallets, and included responses from more than 1,800 people across the United States.

All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.

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