Nearly half of millennials have used a mobile wallet (SQ)
About 45% of millennials (those aged 18-34) have made an NFC payment, according to a Square survey of 1,000 consumers. In contrast, just 26% of adults 35 and older have done so.
The high adoption rate among millennials is a good indicator of where adoption is headed as digital natives grow as a share of the general population, bolstering our bullish in-store mobile payments forecast: We expect mobile payments to grow at s compound annual growth rate (CAGR) of 80% through 2020, to reach $503 billion.
Android is beating iOS in terms of usage. About 67% of Android users who also use a mobile wallet say they make payments with their phone more than once a week, compared with 56% of iOS users. We think Samsung Pay may explain why Android is doing better.
In addition to NFC, Samsung Pay uses a technology called Magnetic Secure…
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