Infographic: Mobile payment use bounces up, down
Apple Pay has dropped the least; Samsung Pay shows most slippage
Data whiz and visual storyteller
Unlike some new technologies that experience an unfaltering upward trend, mobile pay adoption is showing an erratic up-and-down pattern in its early stages.
According to data from Auriemma Consulting Group, the use of mobile payments by consumers who have a compatible smartphone and a credit card has yo-yoed between 25 and 30 percent over the past year and a half.
Usage hit 30 percent in the third quarter of 2016, but dropped back to 25 percent the very next quarter. Fast forward to June 2017, when the 30 percent mark was broached again, and you see it followed by an identical fallback to 25 percent by September.
Of the three major mobile pay brands – Apple Pay, Samsung Pay and Android Pay – all have displayed a similar bouncing trend, though Apple Pay enjoys a considerable market share advantage over the other two.
Apple Pay usage has dropped the least over the last two quarters, although it’s down from 36 to 34 percent, while Samsung Pay has suffered the largest recent drop-off, from 27 percent in this year’s first quarter to 19 percent in Q3.
Auriemma Consulting Group, a management consulting firm with a specialty in payments, conducted its online survey among more than 1,500 consumers with a mobile pay-compatible smartphone and a credit card in July and August 2017. Results of the survey were released Oct. 25.
To use the graphic on your site, use the following code:
- Data breaches dropped in 2018, but more personal information was exposed – The number of data breaches dropped 24 percent in 2018, but the number of sensitive records involved in those breaches more than doubled, for a whopping 126 percent increase ...
- Debit payments surge, but more money is spent on credit cards – If you've been using your debit card more often than you did last year, but charging more dollars to your credit card, your pattern matches the findings of a new study by the Fed ...
- Millennials most candid when discussing money with future spouses – A new survey shows millennial couples consistently reporting greater transparency and more candid discussion with their future spouses on a number of financial fronts than older adults ...