Banking app users won over, mobile payment app users not so much

Banking apps continue to lead in the categories of both downloads and active users.

Consumers are using banking apps more often than they’re using mobile payment apps, according to new data from fintech software development company Entersekt. The findings could point to an opportunity for credit unions and other financial institutions to win over more mobile users, it noted.

Done in conjunction with The Harris Poll, the online survey of 1,928 U.S. adults who own mobile devices found that 59 percent used banking apps at least once a week. Only a third said they used mobile payment apps that often.

The survey also found that 71 percent of mobile device owners have used mobile payment apps, but only 7 percent used those payment apps daily. In comparison, 20 percent said they used banking apps daily.

Many consumers may be in the app-exploration phase, the data suggested. More than two-thirds (68 percent) said they had more than one app for banking and payments, and 37 percent had three or more.

Source: CreditUnionTimes and Business Wire