TSYS released the results of its 2015 US Consumer Payment Choice Study. The report reveals data about consumer mobile banking app usage and adoption rates. The study showed that consumer adoption rates of mobile banking apps are on the rise, but only 7% of consumers surveyed have made a payment with their smartphone.
Debit continues to be the most preferred payment type among US consumers, but usage continues to decline. Of those surveyed, 41% of consumers prefer debit cards, down from 43% in 2014 and 49% in 2013. Credit card preference held steady at 35%. 50% of survey respondents said that they have installed a mobile app from their bank or credit union. Of those who installed the app, 70% said that they use the app ‘a few times a month or more’ (net 35% of all consumers). Only 7% of consumers surveyed had made a payment at a retail location with their smartphone, down from 9% in 2014. When interacting with their bank or credit union, email is the most preferred channel of communication, with 46% preferring email communication from their financial services provider regarding purchase transactions.