Lyf unveils its annual mobile payment barometer

Lyf has published its 2024 barometer on "The French and mobile payment services", conducted by OpinionWay. This edition highlights the widespread adoption of mobile payment methods, as well as a growing loyalty in the various uses. On the other hand, the report shows that knowledge of large-scale projects such as the European ones remains rather limited, and that their acceptance within mobile tools is not yet won.

FACTS

• At the end of March, Lyf unveiled a new survey carried out in February on the use of mobile payment services in France.

• The fintech looks back on 2023 as a year of stabilization in mobile payment usage. However, 2024 marks the return of an increase in the use of mobile solutions and, above all, the development of user loyalty to these solutions.

• Indeed, the growing use of mobile payment services shows that the French have adopted these solutions on a long-term basis:

• Contactless mobile payment is widely used, with 63% of people aware of the solution and having used it;

• The payment wallet has also seen an increase in use, with 38% of declared use, 6 points up on the 2023 survey.

• Ordering and payment at the table in the restaurant sector is also on the rise, with 50% of French people declaring that they are familiar with and use these payment methods.

• Finally, dematerialized loyalty cards are used by 66% of those surveyed, a stable figure compared to the previous report according to Lyf.

• The study was carried out by OpinionWay on a sample of 2089 people aged 16 to 65 in France.

CHALLENGES

• An overall upward trend: Despite the diversity of payment methods analyzed for this study, all recorded growth or stable results in terms of usage. Only dematerialized loyalty cards saw a slight decline in the number of users, down 1% on the previous year.

• Stubborn obstacles: Despite this overall increase, the study highlights the reluctance of non-users. Among them, the number of people indicating an intention to use in the future is down year-on-year.

• Lower risk perception for mobile payments: The report also shows that 63% of those surveyed believe that mobile payment is no more risky than "classic" card payment. This increase in confidence in mobile payment methods is one of the key factors in the development of their use.

MARKET PERSPECTIVE

• Lyf and OpinionWay also asked about European digital projects. Whether it was the digital identity wallet, the digital euro or the Wero payment wallet, a large majority (60%, 60% and 71% respectively) had never heard of them.

• Fintech concludes that there is room for improvement in the level of information available to the French on these subjects, especially as, once informed, only 36% of those surveyed said they would use the Wero payment wallet in the future.