A new survey reveals some surprising demographic trends in digital payments.
According to the Digital Payment Pulse Survey of 383 consumers from digital marketing company Tallwave, digital payments are not just a preferred transactional tool among the young. Results indicate 71% of all respondents had used a digital payment at least once in the previous six months.
Breaking this figure down by age contingent, the survey found that consumers age 19-24 only had the third-highest usage rate (76%). Consumers age 25-35 were most likely to have made a digital payment (80%), but Gen Xers and older millennials age 36-45 were right behind them in the second spot (79%).
Even older Gen Xers 46-55 had made a digital payment at almost the same rate as Gen Z (74%). And half of baby boomers 56 and up had made at least one digital payment in the past six months.
Looking at popular payment apps, the PayPal payment was the clear favorite, having been used by 66% of respondents. Other leading payment apps included Venmo (37%), Google Pay (27%), and Apple Pay (25%). Respondents age 19-24 had most frequently used Venmo (74%).
Of respondents that had used a payment app in the previous six months, 32% had made between three and nine digital payments per month in that period. Twenty-six percent had made one to two digital payments in the entire six-month period, 21% had made 10 or more digital payments per month, and 16% had made one to two digital payments per month.
When asked to choose scenarios from a list that applied to payments they had made (multiple responses were allowed), respondents made selections as follows:
• Pay quickly (59%) • Pay someone back (46%) • When a store has the ability (44%) • Friends repay me (42%) • Split the bill (29%) • Make a business payment (9%) • Accept a business payment (8%)
Respondents also indicated that in general, they view digital payments as safe and secure:
• 85% see a lot of benefits in using digital payment apps. • 72% are confident digital payments are secure. • 72% would use digital payment apps more frequently if more stores and restaurants would accept them. • 64% are confident their personal information is secure.