Younger adults who regularly use mobile payments are more likely to take financial risks and rack up fees, according to a new financial literacy study by the George Washington University School of Business.
Some credit unions are beginning to offer payment services via wearable technologies, but many say it will take further declines in the pricing of those items before they are widely accepted by consumers or financial institutions.
As with anything high-tech, early predictions held that millennial men would be first to adopt mobile wallets. But two new research studies are casting doubt on the assumptions about the roles gender and age are playing in the mobile payments adoption curve.
Rather than killing off the plastic card, smartphones are strengthening it. Many issuers' card accounts are more valuable than ever, with perks made possible only through the development of smartphone apps.