Consumers have historically needed a bit of prodding to get them into a mobile state of mind when it comes to payments. Digital transactions on the whole are up – eCommerce, financial services, bill payments – but fully embracing mobile has been a bit trickier. But, by the numbers, that tide may be turning – particularly when it comes to younger consumers who are increasingly making their preference for app-based payments and commerce known. And that preference is likely to deepen as the IoT pushes more of the world online. The question for merchants and retailers is how to turn those changing payments preferences into new ways to reach and please one’s consumer base.
60 percent: Share of millennials who report they prefer using apps to make payments.
59 percent: Share of consumers who regularly use online bill pay features.
52 percent: Share of customers using IoT devices worldwide.
43 percent: Share of high-income millennials who would be more likely to use mobile gas apps if they offered convenience and savings.
30 percent: Share of gas station consumers who go inside the attached store to make a purchase other than gas.