According to a survey of 7100 teenagers by Piper Sandler, Apple Pay saw the most monthly users among teens than any other payments app. It beat out competitors like Venmo, Cash App, and PayPal in terms of market share among teenagers.

Why should we care?
These statistics, if they’re representative of nation-wide realities, are wind in the sails for Apple’s fintech-forward plans. We learned last month that Apple was gearing up to build its own payments tech, creating new approaches to payment processing, risk assessment for lending, fraud analysis, credit checks, and more. Holding a plurality of the payments space among teens, Apple can expect to convert these users to deeper financial clients as they age and develop more complex financial needs. This news also hits home the importance of hardware. With 87% of teens owning an iPhone, Apple has a home-court advantage when it comes to rolling out intuitive financial products that integrate with other parts of its operating system. But Piper Sandler’s survey also proved that cash remains king among teens; 89% of respondents said they had used paper money in the past month, up by 6 percentage points compared with 2021. This suggests that, even in the face of advanced fintech solutions for family spending, tried-and-true allowance disbursement through cash is still the most intuitive and accessible system for parents and their kids.