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JungleScout Types of Fintech Apps Used Oct2021Despite concerns over data security, mobile banking usage is on the rise. Per the latest Consumer Trends report [download page] from Jungle Scout, of the two-fifths (45%) of US adults who use fintech apps, close to three-quarters (73%) are using them for banking.

Even though more than half (55%) of consumers say they don’t use fintech applications, those that do are using them for a variety of reasons including credit history checks and score monitoring (44%), investing (26%), budgeting and financial management (26%), taxes (20%) and for specific financial education or support (17%).

Some consumers are also using fintech apps to make contactless purchases. Nearly 3 in 10 (28%) have made a purchase via contactless payment options such as Venmo, PayPal, Apple Pay or Android Pay. The number of consumers using contactless payment has likely increased due to the pandemic, as previous data from Ipsos found that 14% had tried contactless payment in April 2021 compared to 4% in April 2020.

Of those using contactless, 64% say they send or receive money through a mobile app or digital wallet at least weekly, with 1 in 5 saying they use it more than once per day.

Mobile payment has become especially popular with younger generations with half of Millennials and Gen Zers saying they prefer it over other payment options because it’s easier. Indeed, Jungle Scout’s survey found that 6 in 10 consumers say they use these options to send or receive money because it’s more convenient.

All that said, and despite the growing popularity of contactless payment options, debit and credit cards (65%) and cash (55%) remain the most popular payment methods for making purchases.

Read the full report here.

About the Data: Findings are based on an August 2021 survey of 1,100 US adults.

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