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Mobile Payments

56 percent of smartphone owners made mobile app transactions in 2015 - report

Monday 18 January 2016 | 11:23 AM CET

56 percent of smartphone owners purchased a product using an app in 2015, a recent report shows.

According to KRC Research for Verizon, by age group, 70 % of millennials purchased a product via an app last year, up 85 % from 2014, the report found.

The results suggest that if first-timers have satisfying, convenient experience with mobile app transactions, they could be back for more in 2016, helping to further boost m-commerce growth. The fastest-growing category in 2015 was car ride apps, per the report.

Among Gen X, 66 % purchased a product via an app while 39 % of Baby Boomers did so.

Mobile banking transactions via apps are also on the rise, with 55 % of smartphone owners completing such a transaction in 2015 while 23 % made such a transaction for the first time, up 70 % from the previous year.

By age group, 67 % of millennials, 62 % of Gen X and 43 % of Baby Boomers make a bank transaction using a smartphone app in 2015.

Furthermore, the fastest growing category in the survey was ordering a taxi or car ride, which increased 124 % from 2015. Overall, 22 % of those surveyed used an app to book a ride during 2015, compared to 10 % in 2014.

By age group, 36 % of millennials, 23 % of Gen X and 8 % of Baby Boomers ordered a taxi or car ride using a smartphone app.

When it comes to using an app to book a restaurant table, 26 % of smartphone owners did so in 2015, with 11 % doing so for the first time, a 72 % increase.

Additionally, 22 % used an app to purchase an airline flight, with 8 % making their first booking last year, an increase of 54 %.

Moreover, 70 % of Baby Boomers own a smartphone and they’re making transactions as they approach retirement – 43 % do mobile banking and 39 % are shopping with smartphone apps.

What`s more, there is a 72 % growth in booking restaurants with an app; 70 % growth in mobile banking and a 54 % rise in booking a flight in 2015.

More: Link