Among the most common reasons people use the apps are to transfer funds to family or significant others (61 percent), pay for online purchases (40 percent), and send funds to friends (37 percent), the Nerdwallet survey found.Īccording to a May 2020 Federal Reserve report, in 2019, 6 percent of adults were unbanked - without a bank account - and 16 percent were underbanked, or had a bank account, but relied on services like payday loans, check cashing services, or money orders. A February 2020 Nerdwallet survey found that nearly 4 in 5 respondents use mobile payment apps, including Venmo, Cash App, Apple Pay, and PayPal. Jones is among others who rely on mobile payment apps. She’s using the latter of the two more, because her client management software HoneyBook processes payments with Stripe. For her business transactions, she primarily uses PayPal and Stripe. So today, Jones, a freelancer who works in marketing, primarily uses three alternatives: Fidelity, PayPal, and Stripe.Īfter her mother died, Jones inherited her mom’s 401(k) account, leading her to use a Fidelity cash management account for her personal transactions. She lost her bank account after depositing a fraudulent check she received in the mail.
Evelynn Jones used to have a bank account with Bank of America.