Apple Pay accounts for 10% of payment apps

According to new findings released in the Koski ResearchFuture of Money Study,” Americans predict that apps will be the most common in-person payment type in five years. This puts the technology at parity with cash and ahead of credit and debit cards in the future.

Which payment app will own this prime wallet real estate is up for grabs. PayPal has first mover advantage, as 44% of Americans currently use it. Over half also currently use another type, such as a store app (18%), bank digital wallet (16%), Apple Pay (10%), and Google Pay (7%).

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Peer-to-peer payment services (P2P) seem well-poised to capture this space. Over a third (36%) of Americans surveyed in the Koski Research study report that they currently use P2P apps, and they most widely use it for commerce.

According to Koski Research, Americans are looking for digital innovation throughout the financial spectrum. More than four in five Americans (84%) say they’re interested in managing their money from one online central platform for deposits, spending, and saving. They desire full financial integration – nearly two-thirds say they would keep their money in one digital app for deposits and payments, says Lilah Koski, CEO of Koski Research.

How we invest is likely to see significant disruption as well. In a head-to-head matchup of computer vs. human for investing performance, 57% of Gen Z said they believe a computer would provide better performance over time (vs. 40% of Millennials, 35% of Gen X, and 40% of Boomers). All generations expect that advice from a computer would cost them less in fees, though the younger generations place less emphasis on discounted fees from computers.

As consumers move to a digital money mindset, businesses must find ways to meet consumer needs.

The Koski Research Future of Money Study is conducted by Koski Research and is designed to provide insights to organizations to help improve people's financial lives. The study is conducted online among 1,000 U.S. general population adults 18 and over. The sample is balanced on gender, income, and age.