Mobile payments are gaining rapid popularity among young Czechs, gradually replacing cash and cards. Recent findings from a CSOB analysis indicate that two-thirds of individuals under 30 are now using their mobile phones or smartwatches for transactions.
A couple of years ago, according to the bank’s data, this was true for barely half of this age group. Mobile payments are also becoming increasingly popular among older individuals. However, the proportion of people using this payment method decreases with age. Approximately one-third use mobile payments for people in their thirties and forties, while this figure is around one-fifth for those in their fifties.
Interestingly, even among older age groups, there’s a steady increase in mobile payment usage. For instance, last year, over eight percent of CSOB clients aged between 66 and 70 made payments via mobile, a significant increase from less than five percent just two years ago.
Martin Dolejš, Director of Business Development at Mastercard for the Czech Republic and Slovakia, states that “payment by wearable devices, especially mobile phones and watches, is one of the most prominent trends in cashless payments in recent years.” Although initially adopted by tech enthusiasts, our latest survey shows that 44 percent of Czechs have tried mobile or watch payment.
Mobile payments are becoming the primary payment method for many people, largely due to their speed, security, and convenience. As the adoption of this method continues to increase, it won’t be long before mobile payments completely overshadow traditional cash transactions.