LENEXA, Kans. —
TouchNet, a Global Payments (NYSE: GPN) company, recently released its annual report 2022 Student Financial Experience Reportindicating that the percentage of students using mobile banking and payment applications is increasing.
In this year’s survey, 80% of respondents said they use mobile banking to pay bills or transfer money. This is an increase of seven percentage points since the same question was asked in 2020. Seventy-three percent of students use mobile banking to make deposits.
Beyond mobile banking, a growing percentage of students report using digital wallets such as Apple Wallet and Google Wallet. In the 2022 survey, 25% of students said they use Apple Pay sometimes or often, which is a 56% year-over-year increase. The percentage of students using Google Pay has doubled year over year to 12%.
TouchNet President Adam McDonald encourages higher education institutions to enable campus-wide mobile transactions: “Performing everyday financial and banking transactions through smartphones and other mobile technologies has become the experience of student favorite,” McDonald said. “Universities and colleges need to be prepared to meet student expectations for how they pay for things.”
When asked specifically about their college app’s payment features, 67% of students found the ability to make and manage payments important, but only 23% said they actually used their campus app to pay for things. McDonald attributes this to a lack of awareness or availability of this feature, an assessment that is supported by survey results which show that only 36% of students said they know paying for things through a campus app is a option.
“The rise of payment apps and mobile banking shows that higher education students are comfortable with digital payment methods and prefer to use them when available,” McDonald added. “Unfortunately, we find that students may not be aware of features that allow them to make payments directly from their campus app, or that their institution may not have these features enabled.”
In addition to exploring topics such as usage patterns of digital payment methods, the 2022 Student Financial Experience Report covers preferred payment methods for tuition and everyday purchases, how students use mobile apps to navigate campus and general behaviors with digital technology. TouchNet analyzes annual results to help inform management of new solutions that will simplify the student experience. Download the full 2022 Student Financial Experience Report from touchnet.com.
About the report
The Student Financial Experience Report examines data collected from a ten-minute online survey using accepted standards of statistical practice. Conducted annually since 2020, 300 university and college students are surveyed each year. Respondents should be smartphone owners 18 years of age or older, currently enrolled in an institution of higher learning, and represent a cross section of undergraduate freshmen to graduate students from a variety of public institutions and private, large and small. The survey and report are sponsored by TouchNet.
TouchNet, a Global Payments (NYSE: GPN) company, unifies campus-wide payments and identity management software solutions for higher education institutions worldwide. Colleges and universities rely on TouchNet to integrate and secure payments, authorizations, and other related business transactions for a complete, actionable view across campus. TouchNet’s unparalleled integration, transparency and security give institutions greater control over transactions, costs and compliance. As the market leader in higher education commerce technologies, our platform-based approach enables greater operational efficiency and self-service access to real-time information for students and staff. TouchNet is a Global Payments (NYSE: GPN) company. TouchNet.com