Undoubtedly, digital centralization has had a significant impact on our daily lives. It has certainly changed the way we discover new things, watch television and videos, and keep track of our physical and mental health. Darn, the way we communicate with our tennis and football heroes have become digital as well!
Recently, the way we purchase commodities and pay our bills have changed too, with the advent of mobile payment technology. As per the Nielsen’s second quarter 2017 Mobile Wallet Report, the percentage of consumers that utilize mobile methods has gone up to a whopping 50%.
Mobile Wallet User Statistics
So who uses the modern wallet? Well, both men and women do – about 47 and 53 percent, respectively. The bigger part of the pie goes to the 18-34-year-old age range, making up 55% of the whole population. Status-wise, paying digitally is popular to people from different income levels – apparently more seen in those who earn above $100,000.
Benefits Of Using Mobile Payments
By far, consumers have turned to a variety of methods to pay for their bills, debts, and purchases. Paypal, MasterCard Pay Pass, and Google Wallet are a few of the popular companies that offer digital money transactions.
With that said, can consumers attest that this method of payment has made life easier? Has it helped reduce stress and enabled them to finally have more time for more significant activities? That would be a yes!
Here are some advantages mentioned by consumers that utilized mobile payments.
- Convenience. That would be on top of the list, undoubtedly. When you’re given the opportunity to pay from the comfort of your home – or at a restaurant or while vacationing in Phuket – that’s convenience.
You can probably take an hour or two of the time that you’d spend dressing up and going out just to pay for your electricity and phone bills, or going to the bank to withdraw so you can purchase something at the mall. For on-the-go businessmen and entrepreneurs, paying online or through phone is a surefire winner.
- You Save A Lot When You Don’t Pay Through Your Credit Card. Yes, you do. Paying through your credit card adds 3.5% more than what you actually pay for – for anything! Some companies do have payment fees, but not one asks for something as high as 3.5%. There are even a few who don’t actually let you pay transaction fees. And to a growing family who is struggling to make ends meet, little to no fees goes a long way.
- You Feel More Secure Not Having To Bring Big Cash. By utilizing mobile payments, the stress and worry of losing money from theft or just plain recklessness is eliminated. You no longer have to carry a bulky wallet on your way to the bank to make payments.There is lesser risk when you don’t have cash on hand. Moreover, unlike using your credit card to pay, you don’t need to enter a lot of information, making you a potential target for hacking. A click from your phone, and lo and behold, you’re done!
According to an article from BetterHelp, money worries are among the most common causes of stress. In fact, this site offers great online counseling advice about finances, if you feel like you need guidance on these things.
Overall, mobile methods of payment have so far proven to not only save time and money, but it has also given us the opportunity to discover easier ways and means to make our life easier and more convenient. No matter which group you belong – whether you are a consumer or a retailer – paying from the modern wallet is definitely a win-win situation.