More Consumers Are Using Their Smartphones to Make Purchases

According to a recent study conducted by the Pew Charitable Trusts, in order to get consumers to use mobile payments, banks and services need to highlight how safe it is.

Consumer concerns include both monetary and identity theft, between baby boomers and Gen X alike, with mobile payments allowing for bill pay, retail purchases, and money transfers, all through your smartphone.

With roughly 7 out of 10 adults owning a smartphone, millennials and Gen Xers surpass older generations as more likely to have a smartphone and pay with it, with 72 percent versus 24 percent, respectively. The mobile payments audience is most likely to live in cities and have secondary education, according to Pew.

Learn more about the Pew study here.