Numbers Talk: Mobile Payments Statistics for American Consumers

In 2024, the average American consumer is mobile-first. We take our phones everywhere, and use them for everything–communication, connectivity, research - and, of course, finances. 

Here are some of the recent findings from Forbes on the way that American consumers are using mobile payments for a variety of financial transactions. 

Convenience – the #1 Reason for Using Mobile Payment Methods 

Mobile payments have gained popularity over the last few years. The main reason is because they’re so easy to use. When surveyed for their top reasons for using mobile wallets to make purchases, respondents stated convenience as their number one reason. 

Shoppers care about convenience. This shouldn’t be a surprise, but people will prioritize their time and ease of use over all else. 

What makes mobile wallets so convenient? 

To start, the vast majority of shoppers already own a smartphone, and our phones come with us virtually everywhere. By using mobile wallets to make payments and transact in stores, we are eliminating the need for carrying cash and cards. Customers are always happy to have one less thing to worry about. 

Mobile Wallet Usage is Surpassing Traditional Payment Methods

There was a point in time where mobile payments were taboo, but it is quickly becoming the norm. This sentiment was reflected by the 64% of survey respondents who say that they use mobile wallets “at least as much” as traditional payment methods like cash and credit cards. 

Additionally, two-thirds of respondents said that they would consider making mobile wallets their primary payment method when shopping, and more than half said the same about travel.

With the added convenience, ease, and the world becoming more digital, it is no surprise that mobile wallets are becoming more widespread for shoppers. 

Consumers See Mobile Payments as a Must-Have for Retailers 

With fewer consumers regularly carrying around cash and cards, people are increasingly requesting mobile payment options. It’s more seamless, secure, and for spontaneous shopping trips, adds a lot of simplicity and ease to the shopping experience. 

Interestingly, 51% of total respondents said that they’d stopped shopping at a retailer that didn't accept mobile wallets, with Millennials (55%) and Gen-Z (78%) spearheading the way on this new trend. 

These findings demonstrate that an increasing number of consumers see mobile wallets as a requirement for a positive shopping experience instead of a preference.       

Final Thoughts

In an ever-changing shopper landscape, brands and retailers must adapt to increasingly mobile-first preferences of modern consumers. We live in a world where convenience and ease are key factors that can make or break a shopping experience. 

With these consumer sentiments in mind, brands and retailers cannot afford to miss out the opportunity to drive sales and customer retention with the mobile wallet channel.