A new survey commissioned by personal finance comparison website finder.com and conducted by global research provider Pureprofile has found that young men are leading the way with using digital payment technology to transfer money.
Not only are they using them more than other means of transferring money, such as online banking or checks, but they also tend to spend more money when using their digital wallets.
Do you use your digital wallet more than other means of transferring money, such as online banking, checks, or ATMs?
“Most of us carry our phones with us everywhere we go, and new mobile apps make it easier than ever for it to be the only thing you leave the house with. So we’re not surprised by the popularity of digital wallets, as our study shows over two in five Americans are using digital wallets.
Traditionally, US banks have charged high fees for transferring money from your bank account to other people, but payment apps allow you to sidestep those fees by removing the bank as the middleman. For instance, major banks may charge up to $10 in next-day transfer fees, compared to one digital provider, Venmo, with one business day transfers not incurring any transaction fees.
While banks have been late to join the movement, media reports suggest they are no longer sitting on the sidelines. Many US banks, including Bank of America, Chase, Citi, and Wells Fargo, are planning to launch a payment app called Zelle reportedly next year.
The growth of digital wallet use in America is only a taste of the shake-up they are having on the banking payments market across the world. Research shows America ranks the lowest out of the top 20 countries for consumers preferring to use mobile payments over traditional wallet payments.”
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