Bank of America: U.S. Consumers Increasingly Ready for Mobile Payments

June 27, 2016         By: Steven Anderson

There might be a lot more people out there interested in putting mobile payments to use, particularly in the United States, according to new research from Bank of America.

Not only are 40 percent of respondents actively using such tools already or are interested in using them, but that number is up from 34 percent just last year.

A clear rise in the numbers of interested or active users is a great step forward, but the study didn’t stop there.

Bank of America research found that 57 percent either are or would consider turning to a peer to peer (P2P) money transfer app from a bank, and almost two out of three—62 percent—of respondents are using either mobile or online as their preferred method of banking.

The number of users considered active in mobile app use is likely on the rise as well, up from 48 percent last year to 54 percent this year.

What’s more, there’s clear interest in such tools from the millennial user, a steadily-growing percentage of the spending public.

Thirty-nine percent of millennials recently revealed they’re more likely to interact with their smartphone than anyone or anything else, up to and including a significant other.

While that may sound like cause for alarm, it also denotes a clear opportunity to reach customers where they live, and right now, that’s on their mobile devices.

Bank of America has been increasingly working on developing such customers, with moves like cardless automated teller machine (ATM) technology and offering infrastructure tools to other mobile payment platforms.

With all these users poised to step in and take advantage of such technology, anything that Bank of America can do to facilitate that is a worthwhile step in the right direction.

It’s also good news for the users, who will have more options to work with, and hopefully more places ready to take mobile payments systems.

Improved security, more places that can take mobile payments…these and other developments will help drive the next generation of mobile payment users.

Bank of America already knows how desirable such payments are and are likely to be down the road…the question, however, is how many will internalize these lessons beyond Bank of America and put them to use?