Auriemma Group’s Mobile Pay Tracker has been trending mobile and digital payments since 2016 and recently found that for the first time, most eligible device holders are using Apple Pay, Google Wallet, or Samsung Wallet.
Mobile payments have grown rapidly over the past five years, with both established and new players vying for market share in an increasingly crowded space. Auriemma Group’s Mobile Pay Tracker has been trending mobile and digital payments since 2016 and recently found that for the first time, most eligible device holders are using Apple Pay, Google Wallet, or Samsung Wallet. What does this mean for the future of mobile payments?
Currently, 54% of credit cardholders eligible for Mobile Pay (i.e., Apple Pay, Google Wallet, Samsung Wallet) have used the service, marking a 20-percentage point increase compared to Q1-2019. This increase is also evident at the brand-level—Auriemma found that usage of Apple Pay (67%), Google Wallet (54%), and Samsung Wallet (35%) hit all-time highs in Q1-2024.
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“Mobile payments obviously span far beyond Apple, Google, and Samsung’s offerings,” says Jonathan O’Connor, Senior Manager of Research at Auriemma. “However, our research continues to highlight the importance of being first to market and having broad acceptance, with many of the more established players garnering higher usage and interest levels than their counterparts.”
While merchant-branded mobile payments and apps like Walmart Pay, Target Wallet, and the Dunkin’ app certainly hold an important space within mobile payments, their ubiquity is nowhere near their device-centric counterparts. For example, Walmart Pay, which launched only shortly after the device-backed offerings, garners much lower usage among those eligible (29%). Even when shopping with Walmart, most Mobile Pay users (54%) prefer to use Apple, Google, or Samsung Pay over both a traditional payment card (26%) and Walmart Pay (20%).
“Mobile payments could also see increased competition from super apps, which have long been popular in places like China, where WeChat has flourished,” says O’Connor. “Super apps can act as a one-stop-shop—bundling everything from messaging to payments and shopping in one place. While they have only started to make headway in the States, if their popularity rises, we may see traditional Mobile Pay providers adopting some of their features to remain competitive.”
Mobile Pay continues to thrive even as super apps begin to gain traction. While awareness and usage of super apps are still in their early stages, familiarity and interest are notable. Nearly four-in-ten (39%) of those who have never used a super app express interest in trying one. Although super apps are gaining attention, Mobile Pay remains the preferred method for purchases (38% vs 26%). Mobile Pay providers may increasingly incorporate features and functionalities of super apps to enhance the customer experience and address payment challenges.
As mobile payments continue to evolve, the competition between established device-centric services and emerging super apps will shape the future landscape. With rising interest in super apps and steady growth in Mobile Pay usage, consumers are increasingly looking for convenient, integrated solutions. The ongoing challenge for providers will be to innovate and adapt to meet these changing preferences while maintaining high levels of user engagement and satisfaction.
This Auriemma Group study was conducted online within the US by an independent field service provider on behalf of Auriemma Group (Auriemma) in April 2024 among 2,168 adult mobile pay eligible credit cardholders. The number of interviews completed for both is sufficient to allow for statistical significance testing among sub-groups at the 95% confidence level ±5%, unless otherwise noted. The purpose of the research was not disclosed, nor did respondents know the criteria for qualifying.
For 40 years, Auriemma’s mission has been to empower clients with authoritative data and actionable insights. Our team comprises recognized experts in four primary areas: operational effectiveness, consumer research, co-brand partnerships, and corporate finance. Our business intelligence and advisory services give clients access to the data, expertise and tools they need to navigate an increasingly complex environment and maximize their performance. Auriemma serves the consumer financial services ecosystem from our offices in New York City and London.
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