Hispanics Adopt Mobile Banking, Payments at Higher Rate

Non-Hispanic black and Hispanic users represent a disproportionately high rate of adoption of mobile banking, finds a pdf March 2012 report from the Federal Reserve. While the former group makes up only 10.9% of mobile phone users, they account for 16.2% of mobile banking users. Similarly, Hispanic users, who make up 12.8% of all mobile phone users, represent 17.1% share of those using mobile banking.AdvertisementUsage Correlates With Age, EducationThe study also found that mobile banking users are split evenly between men and women, and use of mobile banking is unrelated to household income. Mobile banking is highly correlated with age, though: those aged 18-29 make up 43.5% of users, relative to 22% of mobile phone users, while those 60 and older represent just 6% of mobile banking users, …


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