Apple Pay is the most popular payments app among American teens although the vast majority still regularly use cash, according to a survey.
Of 7100 teens quizzed on payments apps by Piper Sandler, Apple Pay had the most monthly users, at a 23% penetration rate, ahead of Venmo, the Cash App, and PayPal.
Apple Pay’s dominance is in part explained by the fact that 87% of teens have an iPhone.
However, apps still lag far behind cash: 89% of teens say they used paper money in the past month, up from 83% the previous year.
With buy now, pay later usage soaring, PayPal’s ‘Pay in 4’ feature is the most popular BNPL option for teens, ahead of Afterpay, which was recently acquired by Block, and Klarna.
The survey also shows that Meta and other tech firms have work to do convincing teens about the Metaverse, with 48% saying they are either unsure or uninterested in it.
