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Who Uses Mobile Payments: Fintech Potential in Users and Non-Users

Who Uses Mobile Payments: Fintech Potential in Users and Non-Users <p>This study used data from the 2015 National Financial Capability Study to analyze the adoption of mobile payments by U.S. households. While 24% of respondents used mobile payments, the mean rate for those under age 25 was 11 times the rate for those 65 and older. State rates ranged from about 9% in Montana to 34% in Washington, DC. Based on a logistic regression, age and an objective financial knowledge score were negatively while risk tolerance and a subjective financial knowledge score were positively related to mobile payment use. The results have implications for marketing of Fintech applications for personal finance, especially in terms of the extremely low mobile payment use by older consumers.</p> http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Financial Counseling and Planning Springer Publishing

Who Uses Mobile Payments: Fintech Potential in Users and Non-Users

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Publisher
Springer Publishing
Copyright
© 2020 Springer Publishing Company
ISSN
1052-3073
eISSN
1947-7910
DOI
10.1891/JFCP-18-00083
Publisher site
See Article on Publisher Site

Abstract

<p>This study used data from the 2015 National Financial Capability Study to analyze the adoption of mobile payments by U.S. households. While 24% of respondents used mobile payments, the mean rate for those under age 25 was 11 times the rate for those 65 and older. State rates ranged from about 9% in Montana to 34% in Washington, DC. Based on a logistic regression, age and an objective financial knowledge score were negatively while risk tolerance and a subjective financial knowledge score were positively related to mobile payment use. The results have implications for marketing of Fintech applications for personal finance, especially in terms of the extremely low mobile payment use by older consumers.</p>

Journal

Journal of Financial Counseling and PlanningSpringer Publishing

Published: Jun 24, 2020

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