Study Explores Why the Elderly are Increasingly Op

Study Explores Why the Elderly are Increasingly Opting for Mobile Payments

As mobile money has become an increasingly common means of payment over the past several years, one group of individuals has taken to the technology with surprising gusto; the elderly. Typically known for struggling to adapt to new technologies, elderly individuals are taking up mobile money services in increasing numbers.

A recent study sought to understand why mobile money services are becoming more and more popular among older individuals. The researchers used structural equation modeling to study data collected from 316 elderly individuals who took part in the study. Its findings indicated that mobile money has become an accepted mode of payment among the elderly primarily due to its ease of use.

Mobile money became especially popular during the COVID-19 pandemic when folks had to sequester themselves indoors for extended periods with online purchases, virtual payments, and home deliveries limiting their physical interactions with other people. As older folk with compromised immune systems, many of them had no choice but to remain indoors and use mobile money to make purchases in the meantime.

Although the pandemic is now several years behind us, a large portion of the elderly still use mobile money services to cover their payments. Older people are particularly drawn to the technology due to its perceived ease of use and usefulness, with service quality and information quality having a direct impact on their perceived trust in mobile money. On the other hand, perceived risk has a negative impact on mobile money demand among the elderly.

Compared to traditional fiat currency, mobile money offers several notable benefits for the elderly. The convenience of making payments in the comfort of your home is a major draw, particularly for elderly people with mobility issues. In China, prominent firms like Alibaba have mobile money platforms with millions of users and merchants, making the East Asian nation one of the largest markets for mobile money on the globe.

However, although older people are taking up mobile money in greater numbers, they still make up the smallest portion of mobile money users. People aged 60 and older account for a large portion of non-internet users, and even those who have smartphones and access to the internet often aren’t willing to use mobile money. Some may be averse to using new technologies while others may be ignorant of the existence of mobile money.

Aside from the ease and convenience, mobile money services can keep older, immunocompromised individuals out of situations that could potentially risk their health. Since this cohort undoubtedly stands to benefit the most from mobile money services, policymakers and payment providers should find ways to increase mobile money adoption among the elderly.

This is a subject that entities like FingerMotion Inc. (NASDAQ: FNGR) are likely to take interest in since it could open opportunities within a demographic that hasn’t been fully tapped as yet.

NOTE TO INVESTORS: The latest news and updates relating to FingerMotion Inc. (NASDAQ: FNGR) are available in the company’s newsroom at https://ibn.fm/FNGR

Please see full terms of use and disclaimers on the ChineseWire website applicable to all content provided by CW, wherever published or re-published: https://www.ChineseWire.com/Disclaimer