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US consumers want to manage their financial lives from one app

Tuesday 10 April 2018 | 12:40 PM CET

According to the Future of Money Study by Koski Research, American consumers predict that apps will be the most common in-person payment type in 5 years. 

The race for the preferred payment app is currently dominated by PayPal which is used by about 44% of Americans. The other base of payment app users is split between store apps (18%), bank digital wallets (16%), Apple Pay (10%), and Google Pay (7%). 

Peer-to-peer payment services (P2P) seem well-poised to capture this space. Over a third (36%) of Americans surveyed in the Koski Research study report that they currently use P2P apps, and they most widely use it for commerce.

US consumers are looking for digital innovation throughout the financial spectrum. More than four in five Americans (84%) say they are interested in managing their money from one online central platform for deposits, spending, and saving. They desire full financial integration – nearly two-thirds say they would keep their money in one digital app for deposits and payments. 

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