Ibotta Holiday Shopping and Mobile Payments Study: Two-Thirds of Shoppers Plan to Use Mobile Payments for Holiday Shopping

DENVER, Nov. 20, 2019 /PRNewswire/ -- Ibotta, the leading mobile rewards and payments platform in the United States, today released findings from its 2019 Holiday Shopping and Mobile Payments Study. The survey of more than 1,000 U.S.-based consumers examined consumer sentiment on the volume of mobile payments and rewards programs available to shoppers and how they plan to incorporate mobile payments into their holiday shopping.

The mobile shopping solutions and reward platforms detailed in the survey included, but were not limited to: Apple Pay, Google Pay, Pay with Ibotta, Samsung Pay, Starbucks Rewards, Target Cartwheel, Target Circle, Walmart Pay, and Zelle.

Consumer Choice Overload
American shoppers are expected to spend an average of $1,048 during the 2019 holiday shopping season. A large portion of that spending will involve using a mobile payments or rewards platform, as nearly 60 percent of shoppers say they have three or more rewards and/or payments apps on their phones, where as 15 percent of all shoppers have eight or more. And while more than half (52 percent) of these shoppers say they feel overwhelmed by the large number of mobile payments and rewards programs, nearly 60 percent of shoppers say they are likely to use a mobile payments solution for some of their holiday purchases this year. Another 39 percent are interested in learning more about mobile payments and rewards programs.

What Motivates Today's Shoppers?
According to Ibotta's survey results, the majority of consumers would make the switch to mobile payments if rewards and saving money were among the top benefits. Of the 61 percent of survey respondents who have used their phones to make an in-store purchase, 63 percent are motivated by payment methods that offer rewards, rebates and cash back, while 55 percent would be inclined to adopt mobile payments if the solutions saved them money.

"The way in which consumers shop this holiday season will be drastically different than how they've shopped in the past, signaling a major milestone in user adoption, comfort, and trust of mobile payments," said Bryan Leach, founder and CEO of Ibotta. "Our hope is that this is simply the tipping point, and that we might finally experience the long-awaited breakthrough in mobile payments during the 2019 shopping season."

Barriers to Adopting Mobile Payments and Rewards Programs
Even with the growing popularity of mobile payments and rewards programs, there are still several barriers to widespread consumer adoption. For example, when asked why they have not yet used mobile payments, or are hesitant to do so, approximately 10 percent say they view mobile payments as a hassle, 10 percent feel uneducated about the options, and 14 percent still think paying with a card is easier.

When asked what their first instinct would be when invited to sign up for a new retailer app or rewards program at the register, 21 percent of survey respondents would immediately dismiss the offer because of the large number of programs they're already signed up for, 20 percent assume it requires too much work, and 34 percent assume there is a catch.

"Since we started rolling out Pay with Ibotta earlier this year, we've seen firsthand that consumers are interested in and willing to use solutions that provide rewards and maximize their savings," Leach said. "Heading into 2020, we are focused on growing our payments ecosystem with instant cash back that results in a fun and rewarding shopping experience for consumers."

Additional takeaways from the survey:

• Consumers want convenience, with 54 percent of respondents saying mobile payments solutions are more convenient than using card payments in-store.
• Respondents are curious about the benefits of adopting mobile payments and rewards programs: 53 percent want to know if these programs will save them money, 37 percent want to know if they will save them time, and 35 percent want to know if they can expect faster checkout times.
• Shoppers are more apt to try using mobile payments with well-known brands, with two-thirds of shoppers saying they're most likely to use them at major retailers.

For more information on Ibotta and its mobile payments platform Pay with Ibotta, visit www.ibotta.com.

Survey Methodology
Ibotta's 2019 Holiday Shopping and Mobile Payments Survey was administered between October 25, 2019 and October 26, 2019 using an email invitation and an online survey. The survey received 1,074 responses from nationally representative Americans ages 18-65.

About Ibotta, Inc.

Headquartered in Denver, CO, Ibotta ("I bought a...") is a free mobile shopping and payments app that has delivered more than $650 million in cumulative cash rewards to its users for making purchases in-store, on mobile apps, or via websites. Launched in 2012, Ibotta has more than 35 million downloads, is one of the most frequently used shopping apps in the United States, and offers cash back on purchases at more than 1,500 leading brands and retailer partners. In 2019, Ibotta launched its payments solution, Pay with Ibotta™, enabling shoppers to pay for their entire purchase through the Ibotta app and instantly earn cash back. Ibotta was named to the 2019 Inc. 5000 list of fastest-growing private companies in the U.S., after debuting on the list in 2018. Ibotta has also been named as a Top Workplace by The Denver Post for three years in a row.

SOURCE Ibotta

Related Links

http://www.ibotta.com