RHINEBECK, N.Y., May 31, 2016 (GLOBE NEWSWIRE) -- Early on, the October 2014 Apple Pay splash prompted the question of whether Apple Pay would be the 'next big thing' to transform the credit card market. Today, the third-party smartphone wallet market has expanded as Android Pay and Samsung Pay address the large Android OS universe. According to a new report from Phoenix Marketing International, 32% of all smartphone-owning credit cardholders have loaded a credit or a debit card to one or more of these third-party "pays" brands.
Since most adopters are Millennials (18-32) or Generation X (33-48), incidence rates are impressive: 67% of Millennials and 50% of Generation X smartphone-owning credit cardholders have loaded a credit or debit card to Apple Pay, Android Pay or Samsung Pay.
"If we look at adoption alone (excluding usage), the approximately 23 million Millennial and Generation X third-party wallet adopters taken together point to the next big thing," said Leon Majors, Senior VP at Phoenix. "Right now, it's not much about winning the brand race as it is giving these 'apped up' consumers more places to shop. This is the current state but a burgeoning future market is wide open as bank-branded and retail-branded payment schemes enter the ecosystem."
Credit cards are leading the way in terms of payment type linkages to a third-party wallet. The Apple Pay adoption rate enjoyed a mini-surge in recent months due solely to credit card loads.
"Apple Pay adopters have said from the beginning that they plan to add cards to the Apple Pay wallet," added Greg Weed, Credit Card Research Director. "A year ago, 58% of Apple Pay adopters reported loading more than one credit card to Apple Pay; now the percentage has jumped to 74% -- escalating the key issue of wallet position in a third-party wallet scheme."
The research also examined other issues, such adopter attitudes, perceptions, in-app vs. in-store purchases and usage of Samsung Pay's two payment modes, MST and NFC. The findings found in the Phoenix report are based on data collected in March 2016 among 3,000 credit cardholders as part of a long-term credit card market tracker, Credit Card Monitor.
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About Phoenix Marketing International
Phoenix Marketing International is a premier global marketing services firm providing its clients tailored and unique insights with expertise in product innovation, customer experience and communications and brand via a wealth of existing proprietary data, advanced analytics and statistical modeling techniques. The company has extensive research experience across the Automotive, Financial Services, Healthcare, Converged Technology and Media, Restaurant and Travel/Leisure sectors. With the recent acquisition of Sterling Research Group, the Phoenix team is further expanding its capabilities into the VOC (Voice of the Customer) marketplace. Phoenix's innovative mobile engagement platform, mXP, provides access to an extensive network of on-the-go consumers offering clients deeper insights into the wants and needs of customers across multiple market segments. Founded in 1999 by Chairman and CEO, Allen R. DeCotiis and President, Martha Rea, Phoenix Marketing International has established its global presence with offices in major locations such as New York, New Jersey, Massachusetts, Pennsylvania, North Carolina, California, Michigan, Florida and London. For more information visit www.phoenixmi.com.