Let’s face it: no one wants to spend time waiting in line at the bank or mailing a paper check. That’s why mobile banking and mobile payment tools are quickly becoming the go-to way to manage money, including for credit union members.
With convenience, speed, and secure banking packed into your smartphone, mobile banking and digital payment options are no longer trends — they’re must-haves for today’s lifestyle. Let’s look at the mobile banking and mobile payment trends we’re seeing and how they can benefit your finances each and every day.
Mobile Wallets Are on the Rise
Whether you’re grabbing coffee or ordering groceries, mobile wallets like Apple Pay®, Google Pay™, and Samsung Pay® let you pay in seconds and without any physical wallet needed. In 2023, only 36% of credit union members used mobile wallets regularly. But in 2024, the usage jumped to 50% and is still climbing, according to an annual survey conducted by Velera.
Consumers learned how valuable contactless payments were during the COVID-era and the adoption continues. Now tapping on your phone is easier, faster, and more secure than ever compared to swiping a card.
Access Your Money 24/7
Banking from anywhere is possible thanks to mobile banking apps. These apps give you full control of your finances right from your phone. You can check your balance while you’re out with friends, transfer rent money in seconds, and set up alerts so you never miss a payment.
You can even deposit checks with your camera and you never have to worry about visiting a branch. The Space Age mobile app offers each of these benefits and more, plus it’s available for both Apple and Android phones.
Security is a Major Concern
If you’re worried about identity theft or fraud, you’re not alone. In fact, 83% of credit union members say it’s a key concern.
As security threats have become more sophisticated, mobile banking apps now must keep consumers information safe by offering high-level security features. These features can include:
Face ID or fingerprint logins
Two-factor authentication
Instant alerts if something suspicious happens
Regular updates
Peer-to-Peer Payments (P2P)
Splitting dinner with friends or paying your roommate for utilities? Peer-to-peer (P2P) apps like Venmo, PayPal, and Zelle® make it super easy. Many credit unions now let you send and receive money directly through their apps, so you don’t even have to use these third-party tools. The usage of P2P apps doubled in 2024 compared to 2023 and 61 percent of credit union members in the same Velera survey said they were using a P2P app regularly.
Smarter Credit Card Management
Consumers expect the same convenient management with their credit cards as they do other mobile banking apps. This has become increasingly important as more consumers use credit cards as their preferred payment option. At the minimum, credit card apps must offer features like:
Checking your card balance anytime
Freezing your card instantly if it’s lost
Setting spending limits or alerts
Going contactless at checkout
Space Age Credit Union continues exploring the latest mobile banking and payment technologies so we can offer our members the most convenient and advanced banking choices. Contact us today to find out more about these benefits.
