"Mobile wallets face significant challenges in western countries where there is a high penetration of credit and debit cards."
This report analyses the penetration and usage patterns of banking, finance and payment, money management and other financial services apps in Germany, the UK and the USA. The report looks at consumer engagement with various mobile financial services (MFS), and examines the usage patterns of those services across gender, age, time of day, and network type.
This report provides:
- insights into real-world usage of mobile financial, banking, and money management services including penetration, time spent on apps and frequency of engagement in Germany, the UK, and the USA
- a discussion of how the usage of mobile financial services apps varies across age, gender, time of day, and network type in Germany, the UK, and the USA
- demographic analysis of mobile payments and banking services usage and behaviour on smartphones
- usage and engagement data for operators' own mobile payments apps.
Survey data coverage:
The analysis is based on data provided by Verto Analytics, collected through a passive on-device monitoring app 'Smart Panel'. The app runs in the background of the device. It registers actions undertaken by the user and relevant activity on the device, namely:
- app download and usage
- system processes
- data traffic by each app/process
- voice traffic
- web browser activity.