A report commissioned by the Bank of America has stated that mobile payments is a growing trend among baby boomers.
The survey uncovered the fact that 49% of baby boomer respondents, who are not currently making person-to-person (P2P) payments using mobile technology offerings, plan to do so before the end of 2017. Baby boomers only accounted for 20% of the survey respondents currently making mobile P2P payments. 6-8% said they made use of mobile payments in order to save time.
Moreover, the report also indicates that the size of a payment is not an obstacle to whether a mobile person-to-person transaction is made. Nearly half of the respondents said they would be comfortable making a payment of USD 1,000 or more.