Money-Storing Apps Gain Favor
With Consumers, a PYMNTS and
Treasury Prime collaboration, draws
on findings from a survey of 2,124
U.S. consumers to learn about their
banking relationships and how they
use digital banks. It also examines
the services they are seeking and
what would encourage them to
switch to a digital bank.
MONEY-STORING
APPS GAIN FAVOR
WITH CONSUMERS
January 2023
TABLE OF
CONTENTS
Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 02
Part I: Storing money virtually . . . . . . . . . . . . . . . . . 04
Part II: Making stored-money apps “sticky” . . . . . . 14
Conclusion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22
A C K N O W L E D G M E N T
Money-Storing Apps Gain Favor With Consumers was produced in collaboration with Treasury
Prime, and PYMNTS is grateful for the company’s support and insight. PYMNTS retains full
editorial control over the following findings, methodology and data analysis.
2 Money-Storing Apps Gain Favor With Consumers
© 2023 PYMNTS All Rights Reserved
Introduction
3
Introduction
Almost 60% of consumers use apps to store money for future use, which
was unthinkable just a few years ago . Consumers like using these apps
to make peer-to-peer (P2P) transfers and to pay at checkout without
having to dig out cash or cards . As demand grows for this form of pay-
ment, merchants and firms can benefit from offering money-storing
apps and attracting new app users .
For Money-Storing Apps Gain Favor With Consumers, we surveyed a
census-balanced panel of 2,289 U .S . consumers to learn about their
use of both general-purpose and merchant apps for storing money —
including which apps they prefer and which organizations they trust
to administer them .
This is what merchants need to know.
4 Money-Storing Apps Gain Favor With Consumers
© 2023 PYMNTS All Rights Reserved
Part I: Storing money virtually
5
PART I:
Storing money
virtually
General-purpose apps
vs. merchant apps
General-purpose apps, such as PayPal, allow users
to store money for use anywhere that accepts that
app as a payment option .
Merchant apps, such as the Starbucks app,
enable customers to store funds for use with
a specific merchant .
6 Money-Storing Apps Gain Favor With Consumers
© 2023 PYMNTS All Rights Reserved
Fifty-nine percent of
consumers use apps to store
money, indicating that this
newer form of payment is
moving into the mainstream.
PYMNTS’ research finds that seven out of 10 consum-
ers use money-storing apps for P2P transfers or to buy
items online or in-person at a store .
General-purpose apps have been met with a warmer
reception than merchant-specific apps, with 37% of con-
sumers having stored money in general-purpose apps
only . P2P transfers are a big draw for these apps, with
76% of general-purpose app users using them to send
and receive money in the last year and 71% using them
to buy goods or services online .
Only 7% of consumers have stored funds in merchant
apps only . Three-quarters of merchant app users use
these apps to buy goods or services in a physical store
or via the app .
Figure 1:
Who uses money-storing apps?
Share of consumers who have stored money in any app over the last 12 months, by demographic
Stored money in general-purpose apps only
Stored money in merchant apps only
Stored money in both
42 .0%
19 .5%
9 .3%
0000000059
0000000020
0000000020
Employed
35 .5%
22 .1%
10 .5%
0000000044
0000000021
0000000035
More than $100K
19 .4%
4 .7%
5 .6%
0000000013
0000000021
0000000066
Baby boomers and seniors
36 .8%
14 .9%
6 .9%
0000000036
0000000024
0000000041
Sample
41 .9%
19 .5%
5 .7%
0000000059
0000000018
0000000024
Self-employed
29 .1%
8 .0%
4 .0%
0000000059
0000000018
0000000024
Unemployed
38 .3%
15 .2%
5 .4%
0000000032
0000000027
0000000041
$50K-$100K
40 .7%
17 .5%
5 .4%
0000000039
0000000025
0000000037
Generation X
36 .8%
6 .7%
4 .3%
0000000030
0000000023
0000000047
Less than $50K
46 .3%
22 .5%
7 .7%
0000000057
0000000020
0000000023
Bridge millennials
46 .3%
21 .1%
10 .5%
0000000057
0000000023
0000000021
Millennials
53 .2%
22 .3%
5 .3%
0000000045
0000000031
0000000024
Generation Z
Employment status
Income
Generation
Source: PYMNTS
Money-Storing Apps Gain Favor With Consumers, January 2023
N = 2,289: Complete responses, fielded Oct. 19, 2022 – Oct. 30, 2022
Part I: Storing money virtually
7
8 Money-Storing Apps Gain Favor With Consumers
© 2023 PYMNTS All Rights Reserved
Figure 2A:
Use of money-storing apps for different transactions
Share of general-purpose app users who have used the apps for select transactions, by demographic
70 .6%
37 .0%
41 .2%
75 .6%
0000000034
0000000020
0000000053
0000000053
Sample
79 .0%
32 .2%
23 .9%
55 .0%
0000000034
0000000020
0000000053
0000000053
Baby boomers and seniors
72 .2%
45 .9%
53 .3%
76 .9%
0000000034
0000000020
0000000053
0000000053
Bridge millennials
75 .0%
39 .6%
41 .1%
74 .8%
0000000034
0000000020
0000000053
0000000053
Generation X
68 .5%
43 .8%
47 .5%
80 .7%
0000000034
0000000020
0000000053
0000000053
Millennials
61 .2%
23 .6%
43 .1%
83 .9%
0000000034
0000000020
0000000053
0000000053
Generation Z
Fifteen percent of consumers reported
storing money in both general-purpose
and merchant apps .
Consumers who load money at least
once each week spend $300 more an-
nually than those who load money less
than monthly . Those who load money
at least weekly load an average of $250
to general-purpose apps and spend
$471 through those apps yearly . The
same consumers loaded an average
of $163 and spent $405 over the last
year when using merchant apps .
Generation
Buy goods or services in the app
Buy goods or services online
Make P2P transfers
Buy goods or services in a physical store
66 .7%
33 .7%
37 .5%
79 .0%
0000000034
0000000020
0000000053
0000000053
More than $100K
78 .2%
42 .8%
53 .8%
71 .0%
0000000034
0000000020
0000000053
0000000053
Less than $50K
69 .0%
36 .0%
34 .8%
75 .4%
0000000034
0000000020
0000000053
0000000053
$50K – $100K
Income
76%
Share of
general-purpose
app users who
use apps to make
P2P transfers
Source: PYMNTS
Money-Storing Apps Gain Favor With Consumers, January 2023
N = 1,109: Consumers who use general-purpose apps, fielded Oct. 19, 2022 – Oct. 30, 2022
Part I: Storing money virtually
9
10 Money-Storing Apps Gain Favor With Consumers
© 2023 PYMNTS All Rights Reserved
Figure 2B:
Use of money-storing apps for different transactions
Share of merchant app users who have used the apps for select transactions, by demographic
Buy goods or services online
Buy goods or services in a physical store
Buy goods or services in the app
40 .9%
76 .4%
76 .9%
0000000044
0000000021
0000000035
More than $100K
32 .3%
67 .1%
73 .8%
0000000013
0000000021
0000000066
Baby boomers and seniors
44 .1%
75 .3%
74 .0%
0000000036
0000000024
0000000041
Sample
48 .0%
70 .8%
78 .0%
0000000032
0000000027
0000000041
$50K-$100K
52 .9%
82 .0%
78 .7%
0000000039
0000000025
0000000037
Generation X
47 .3%
79 .8%
57 .9%
0000000030
0000000023
0000000047
Less than $50K
46 .4%
75 .1%
71 .4%
0000000057
0000000020
0000000023
Bridge millennials
40 .3%
75 .8%
72 .4%
0000000057
0000000023
0000000021
Millennials
50 .6%
71 .5%
70 .9%
0000000045
0000000031
0000000024
Generation Z
Income
Generation
Source: PYMNTS
Money-Storing Apps Gain Favor With Consumers, January 2023
N = 496: Consumers who use merchant apps , fielded Oct. 19, 2022 – Oct. 30, 2022
Part I: Storing money virtually
11
12 Money-Storing Apps Gain Favor With Consumers
© 2023 PYMNTS All Rights Reserved
Previous use of money-
storing apps is the single
greatest predictor of future
use — current users are five
times more likely to continue
using them.
Fifty-one percent of consumers who have stored money
in apps are interested in doing so in the next year, com-
pared to only 10% of those who have not . Seven out of
10 consumers who have bought goods or services using
money-storing merchant apps are interested in using
them in the next year, compared to 14% of those who
have not previously used merchant apps .
Additionally, eight in 10 consumers who have used
general-purpose money-storing apps for a variety of
transactions — from P2P transfers to buying goods or
services online — are interested in using those apps
in the next 12 months, compared to only 15% of those
who have not previously used them . The likelihood of
sustained money-storing app use increases significant-
ly once consumers begin using them .
Figure 3A:
Likelihood of using
money-storing apps for
select transactions over
the last year
Share of consumers interested in using
merchant apps in the next year, by type of
transaction over the last 12 months
Figure 3B:
Likelihood of using
money-storing apps for
select transactions over
the last year
Share of consumers interested in using
general-purpose apps in the next year, by type
of transaction over the last 12 months
Interested
Interested
Not interested
Not interested
72 .5%
27 .5%
0000000075
0000000057
To buy goods or services in a physical
store (N = 369)
79 .5%
20 .5%
0000000075
0000000057
To make P2P transfers
(N = 821)
71 .3%
28 .7%
0000000067
0000000052
To buy goods or services in the app
(N = 372)
80 .6%
19 .4%
0000000067
0000000052
To buy goods or services online
(N = 784)
64 .8%
35 .2%
0000000069
0000000050
To buy goods or services online
(N = 214)
80 .6%
19 .4%
0000000069
0000000050
To buy goods or services in a physical
store (N = 434)
13 .7%
86 .3%
0000000066
0000000055
Have not used a merchant app
(N = 1,793)
80 .3%
19 .7%
0000000066
0000000055
To buy goods or services in the app
(N = 401)
15 .0%
85 .0%
0000000066
0000000055
Have not used a general-purpose app
(N = 1,180)
Source: PYMNTS
Money-Storing Apps Gain Favor With Consumers, January 2023
N varies based on the number of consumers who used merchant apps for select types
of transactions in the last 12 months, fielded Oct. 19, 2022 – Oct. 30, 2022
Source: PYMNTS
Money-Storing Apps Gain Favor With Consumers, January 2023
N varies based on the number of consumers who used general-purpose apps for select types
of transactions in the last 12 months, fielded Oct. 19, 2022 – Oct. 30, 2022
Part I: Storing money virtually
13
Section
15
14 Money-Storing Apps Gain Favor With Consumers
© 2023 PYMNTS All Rights Reserved
A clear connection: Payments localization and conversion
PART II:
Making stored-
money apps “sticky”
Rewards increase consumer
interest in storing money
in apps by at least 49%,
even among consumers
who have not previously
used these apps.
Just over one-quarter of consumers are interested in
using money-storing merchant apps . If merchants re-
ward consumers through incentives or discounts, this
share increases to 64% . While 50% of consumers are
interested in storing money in general-purpose apps,
that share increases to 75% if merchants offer incen-
tives or discounts .
Although just 7% of those who have not previous-
ly used money-storing apps are interested in using
merchant apps, 37% would be interested if offered in-
centives or discounts . We found a similar trend among
general-purpose apps: 18% of consumers who have not
previously used money-storing apps are interested in
using general-purpose apps, and this increases to 46%
if rewards are offered .
16 Money-Storing Apps Gain Favor With Consumers
© 2023 PYMNTS All Rights Reserved
Part II: Making stored-money apps “sticky”
17
Figure 4A:
Rewards and incentives
drive app use
Share of consumers who are interested
in using money-storing apps, by whether
rewards are offered
Figure 4B:
Rewards and incentives
drive app use
Share of consumers interested in using
money-storing apps, by whether rewards are
offered and whether they have previously
stored money in apps
Without rewards
Interest in using general-purpose apps
With rewards
Interest in using merchant apps
50 .2%
74 .9%
0000000075
0000000057
Interest in using general-purpose apps
17 .9%
6 .9%
0000000075
0000000057
Have not stored money
46 .2%
36 .5%
0000000075
0000000057
Have not stored money
25 .9%
63 .6%
0000000069
0000000050
Interest in using merchant apps
73 .1%
39 .4%
0000000069
0000000050
Stored money
95 .3%
82 .8%
0000000069
0000000050
Stored money
Source: PYMNTS
Money-Storing Apps Gain Favor With Consumers, January 2023
N = 2,289: Complete responses, fielded Oct. 19, 2022 – Oct. 30, 2022
Source: PYMNTS
Money-Storing Apps Gain Favor With Consumers, January 2023
N = 2,289: Complete responses, fielded Oct. 19, 2022 – Oct. 30, 2022
Interest without rewards
With rewards
95%
Share of consumers interested in
continuing to use general-purpose
money-storing apps if rewarded
18 Money-Storing Apps Gain Favor With Consumers
© 2023 PYMNTS All Rights Reserved
Consumers are interested in
using stored money apps, but
they need to feel they can
trust the organization that
administers the app.
PayPal is the most trusted firm in this space, with 60%
of consumers naming it as the company they would
most trust to store their money in an app . This ris-
es to 83% among consumers who store money in
general-purpose apps . Among consumers who have not
used money-storing apps, 33% say they trust PayPal .
However, for many consumers, familiarity with their
own bank trumps the other options . Fifty-nine percent
of consumers who store money in merchant apps cite
their primary bank as their most trusted company for
these needs, and 40% of consumers who have not stored
money in apps say they would trust their primary bank .
Part II: Making stored-money apps “sticky”
19
20 Money-Storing Apps Gain Favor With Consumers
© 2023 PYMNTS All Rights Reserved
• PayPal
• Primary bank
• Visa
• Mastercard
• Apple
• Amazon
• American Express
• Discover
• Walmart
• Secondary banks
• Microsoft
60.1%
51.2%
46.0%
36.3%
36.1%
34.9%
23.8%
22.0%
20.0%
17.6%
13.2%
10.5%
82 .7%
54 .5%
54 .5%
43 .7%
44 .3%
41 .3%
28 .2%
25 .9%
23 .5%
25 .1%
14 .9%
13 .5%
46 .4%
58 .8%
39 .8%
29 .9%
45 .4%
45 .3%
24 .6%
16 .9%
17 .9%
13 .0%
9 .3%
7 .0%
87 .1%
70 .8%
68 .1%
55 .4%
67 .0%
54 .0%
39 .0%
37 .9%
29 .8%
27 .9%
26 .2%
21 .2%
32 .7%
40 .1%
31 .5%
23 .9%
16 .3%
20 .7%
14 .3%
13 .7%
13 .7%
7 .9%
7 .6%
4 .6%
Have not stored
money in any app
Stored money
in both
Stored money in
merchant apps only
Stored money in general-
purpose apps only
SAMPLE
Table 1:
Consumers trust some firms to store their money more than others
Share of consumers who would trust select companies for storing money in apps,
by whether they have stored money in apps
Figure 5:
Consumers trust some firms to store their money
more than others
Share of consumers who would trust select companies for storing money in apps,
by level of future interest
Interested in storing money in a general purpose app in the next 12 months
Interested in storing money in a merchant app in the next 12 months
Not interested in storing money in any app in the next 12 months
84 .5%
73 .8%
31 .6%
0000000013
0000000021
0000000066
PayPal
59 .0%
64 .2%
41 .9%
0000000039
0000000025
0000000037
Primary bank
58 .2%
60 .4%
31 .3%
0000000057
0000000020
0000000023
Visa
45 .2%
45 .1%
25 .7%
0000000057
0000000023
0000000021
Mastercard
48 .6%
56 .7%
17 .4%
0000000045
0000000031
0000000024
Apple
46 .6%
55 .5%
16 .9%
0000000045
0000000031
0000000024
Amazon
29 .9%
33 .4%
15 .3%
0000000013
0000000021
0000000066
American Express
28 .9%
29 .9%
14 .1%
0000000039
0000000025
0000000037
Discover
26 .8%
30 .6%
10 .7%
0000000057
0000000020
0000000023
Walmart
26 .0%
26 .0%
6 .5%
0000000057
0000000023
0000000021
18 .7%
18 .5%
7 .4%
0000000045
0000000031
0000000024
Secondary banks
15 .0%
17 .6%
4 .7%
0000000045
0000000031
0000000024
Microsoft
Source: PYMNTS
Money-Storing Apps Gain Favor With Consumers, January 2023
N = 2,289: Complete responses, fielded Oct. 19, 2022 – Oct. 30, 2022
Source: PYMNTS
Money-Storing Apps Gain Favor With Consumers, January 2023
N = 2,289: Complete responses, fielded Oct. 19, 2022 – Oct. 30, 2022
Part II: Making stored-money apps “sticky”
21
22 Money-Storing Apps Gain Favor With Consumers
© 2023 PYMNTS All Rights Reserved
Conclusion
23
With over half of U .S . consumers us-
ing money-storing apps for payment,
they are clearly moving into the
mainstream — but a large segment
remains unconvinced . Merchants
and banks can help sway these
consumers by offering rewards and
benefits — and, of course, building
trust . Once new users experience
the convenience and ease of use
these applications offer, they are
significantly more likely to make
money-storing apps a permanent
fixture of their daily routines .
Conclusion
Money-Storing Apps Gain Favor With Consumers, a
PYMNTS and Treasury Prime collaboration, explores con-
sumer behavior and sentiment around storing money on
apps to use for goods and services . For this report, we
surveyed a census-balanced panel of 2,289 U .S . con-
sumers from Oct . 19, 2022, to Oct . 30, 2022 . Our sample
is representative of the U .S . population with respect to
age, gender, education and income .
Methodology
© 2023 PYMNTS All Rights Reserved
PYMNTS is where the best minds and the best content meet on the web
to learn about “What’s Next” in payments and commerce . Our interactive
platform is reinventing the way companies in payments share relevant
information about the initiatives that make news and shape the future of
this dynamic sector . Our data and analytics team includes economists, data
scientists and industry analysts who work with companies to measure and
quantify the innovations at the cutting edge of this new world .
Treasury Prime is modernizing the API banking and technology systems to
deliver new value to everyone: consumers, businesses, financial technology
companies, and banks .
The Treasury Prime developer team has over 30 years of experience in
the banking as a service industry . Our easy-to-use API provides the scale
and security required for the most sensitive and demanding applications .
Treasury Prime is fully integrated into core banking systems so developers
can launch new offerings in days, not months or years . The Treasury Prime
ecosystem connects banks with fintechs and ensures that each partnership is
strategically aligned so that both businesses can grow together .
About
D I S C L A I M E R
Money-Storing Apps Gain Favor With Consumers may be updated periodical-
ly. While reasonable efforts are made to keep the content accurate and up
to date, PYMNTS.COM: MAKES NO REPRESENTATIONS OR WARRANTIES
OF ANY KIND, EXPRESS OR IMPLIED, REGARDING THE CORRECTNESS,
ACCURACY, COMPLETENESS, ADEQUACY, OR RELIABILITY OF OR
THE USE OF OR RESULTS THAT MAY BE GENERATED FROM THE USE
OF THE INFORMATION OR THAT THE CONTENT WILL SATISFY YOUR
REQUIREMENTS OR EXPECTATIONS. THE CONTENT IS PROVIDED” “AS
IS” AND ON AN “AS AVAILABLE” BASIS. YOU EXPRESSLY AGREE THAT
YOUR USE OF THE CONTENT IS AT YOUR SOLE RISK. PYMNTS.COM SHALL
HAVE NO LIABILITY FOR ANY INTERRUPTIONS IN THE CONTENT THAT
IS PROVIDED AND DISCLAIMS ALL WARRANTIES WITH REGARD TO THE
CONTENT, INCLUDING THE IMPLIED WARRANTIES OF MERCHANTABILITY
AND FITNESS FOR A PARTICULAR PURPOSE, AND NON-INFRINGEMENT
AND TITLE. SOME JURISDICTIONS DO NOT ALLOW THE EXCLUSION OF
CERTAIN WARRANTIES, AND, IN SUCH CASES, THE STATED EXCLUSIONS
DO NOT APPLY. PYMNTS.COM RESERVES THE RIGHT AND SHOULD NOT
BE LIABLE SHOULD IT EXERCISE ITS RIGHT TO MODIFY, INTERRUPT, OR
DISCONTINUE THE AVAILABILITY OF THE CONTENT OR ANY COMPONENT
OF IT WITH OR WITHOUT NOTICE.
PYMNTS.COM SHALL NOT BE LIABLE FOR ANY DAMAGES WHATSOEVER,
AND, IN PARTICULAR, SHALL NOT BE LIABLE FOR ANY SPECIAL, INDIRECT,
CONSEQUENTIAL, OR INCIDENTAL DAMAGES, OR DAMAGES FOR LOST
PROFITS, LOSS OF REVENUE, OR LOSS OF USE, ARISING OUT OF OR
RELATED TO THE CONTENT, WHETHER SUCH DAMAGES ARISE IN
CONTRACT, NEGLIGENCE, TORT, UNDER STATUTE, IN EQUITY, AT LAW,
OR OTHERWISE, EVEN IF PYMNTS.COM HAS BEEN ADVISED OF THE
POSSIBILITY OF SUCH DAMAGES.
SOME JURISDICTIONS DO NOT ALLOW FOR THE LIMITATION OR
EXCLUSION OF LIABILITY FOR INCIDENTAL OR CONSEQUENTIAL
DAMAGES, AND IN SUCH CASES SOME OF THE ABOVE LIMITATIONS
DO NOT APPLY. THE ABOVE DISCLAIMERS AND LIMITATIONS ARE
PROVIDED BY PYMNTS.COM AND ITS PARENTS, AFFILIATED AND
RELATED COMPANIES, CONTRACTORS, AND SPONSORS, AND EACH OF
ITS RESPECTIVE DIRECTORS, OFFICERS, MEMBERS, EMPLOYEES, AGENTS,
CONTENT COMPONENT PROVIDERS, LICENSORS, AND ADVISERS.
Components of the content original to and the compilation produced by
PYMNTS.COM is the property of PYMNTS.COM and cannot be reproduced
without its prior written permission.
We are interested in your feedback on this report . If you have questions,
comments or would like to subscribe to this report, please email us at