Money-Storing Apps Gain Favor With Consumers – January 2023


Money-Storing Apps Gain Favor With Consumers – January 2023

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

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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.

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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. 

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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 .

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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

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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

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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

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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

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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 .

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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

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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

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20  Money-Storing Apps Gain Favor With Consumers

© 2023 PYMNTS All Rights Reserved

•  PayPal

•  Primary bank

•  Visa

•  Mastercard

•  Apple

•  Amazon

•  American Express

•  Discover

•  Walmart

•  Google

•  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

Google

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

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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

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© 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 
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quantify the innovations at the cutting edge of this new world .

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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.

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