Payment Apps Are a Vital Part of Everyday Life for Millions
WASHINGTON, Feb. 11, 2020 /PRNewswire/ -- Two in three Americans (66%) use payment apps or have used them in the past, according to a new survey conducted by PSB on behalf of Financial Innovation Now, a public policy coalition comprised of Amazon, Apple, Google, Intuit, PayPal, Square, and Stripe. The survey, released today, shows that four in five (83%) agree that "payment apps created by technology companies help address consumer needs that are unfulfilled by traditional financial institutions."
"Technology companies are leading the way with innovative payment apps that are a vital part of everyday life for millions of Americans, especially the underserved," said Brian Peters, Executive Director, Financial Innovation Now. "Millions of Americans rely on fast and innovative payment apps to make their life better and easier every day, and consumers trust technology companies to build and deploy the most advanced measures to protect their customers."
Payment app usage – current or in the past – spans many key demographics: age, race, as well as geography, and political affiliation:
Payment apps aren't just for bill sharing; Americans indicate they are a vital tool to manage finances and pay essential transactions such as rent and utilities:
Payment apps are especially important to millions of Americans financially at risk:
Americans agree that tech companies are fulfilling unmet needs not currently addressed by traditional financial institutions:
Overwhelming majorities of Americans support more integration of tech and finance:
PSB conducted online interviews among n=2,000 US consumers age 18+ from December 10 – 16, 2019. The margin of error for this study is +/- 2.19% at the 95% confidence level and larger for subgroups. Some percentages may add to more or less than 100% due to rounding.
About Financial Innovation Now
Financial Innovation Now is an alliance of technology leaders, including Amazon, Apple, Google, Intuit, PayPal, Square, and Stripe, that are working together to modernize the way consumers and businesses manage money and conduct commerce. We believe that technological transformation will make financial services more accessible, safe and affordable for everyone, and we promote policies that enable these innovations. To learn more, visit: http://financialinnovationnow.org. Follow us on Twitter: @FIN_Now.
PSB is a global strategic communication advisory rooted in the science of public opinion that specializes in messaging and strategy for blue-chip political, corporate, and entertainment clients. For over 40 years, PSB has provided actionable insights and advice to help clients win in highly competitive situations. PSB serves Fortune 100 corporations and has helped elect more than 30 presidents and prime ministers around the world. PSB is a part of Y&R and WPP. Visit http://psbresearch.com.
Sarah Hess for Financial Innovation Now
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SOURCE Financial Innovation Now