Question of the Day: What is the #1 contactless (mobile wallet) payment method?

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Jan 23, 2019
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Question of the Day, Payment Types, Current Events

Answer: Apple Pay

  1. Apple Pay 77% of mobile wallet transactions
  2. Samsung Pay 17%
  3. Google Pay 6%

Hat tip to Beth Tallman for passing along this idea!

Questions:

  • Do you/do you plan to use your mobile phone to make contactless payments at stores? Why or why not? 
  • Recent research suggests that those using digital wallets often exhibit riskier financial behavior. Why do you think this is the case? 
  • Digital wallet transactions account for about 9% of global digital transactions. What do you think that figure will be in 10 years? Why? 

Here's the ready-to-go slides for this Question of the Day that you can use in your classroom.

Behind the numbers (Mobile Payments Today): 

Apple Pay is the go-to digital wallet for most debit card users, according to new data from Auriemma Consulting Group. An Auriemma study of debit card issuers shows that Apple Pay makes up 77 percent of mobile wallet transactions. Samsung Pay and Google Pay, Apple Pay's main competitors, make up 17 percent and 6 percent of transactions, respectively.

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Check out our FinCap Friday: Tappity-Tap to learn more about this mobile payments trend. 

About the Author

Tim Ranzetta

Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.