Mobile App Payments On Rise, But at a Slower Pace

(From CU Today) – Payments made through mobile apps such Apple Pay are rising, but at a slower rate than in past years, according to a new report.

“The State of Mobile Payments in 2019” report from the Electronic Transactions Association shows U.S. consumers spent $64 billion through mobile wallet apps or dedicated apps from a retailer last year, up from $45 billion in 2017, the ETA said.

The 42% rate of growth in 2018 was down from 51% in 2017. The pace is expected to slow to 37% in 2019, resulting in $88 billion in consumer spending by such means, reported Roll Call.

“We as a society have become much more dependent on our mobile devices. It is not just a communications tool,” said Amy Zirkle, ETA interim CEO. “I answer email off that device. I handle all my travel off that device. So it’s only a natural that it takes on a greater prominence in our daily lives.

“It’s about enabling you to engage in commerce where you want, when you want, and how you want,” Zirkle continued. “That’s what we see with mobile payments.”

The ETS report found that about 23% of smartphone owners used a mobile wallet app in 2018 and about 11% of smartphone owners were active users of such payment methods.