U.S. Hispanics currently number about 61 million, and it’s a group that’s younger than the general population—the median age is about 29 compared with a national median age of about 38. Millennials account for 28% of all U.S. Hispanic adults.
Behavioral data about Hispanics’ use of digital payments is scarce, but the sector as a whole spends more than $1.4 trillion annually and its population growth rate significantly outpaces the mainstream, based on U.S. Census Bureau data. According to Univision, younger Hispanics are highly mobile-centric and more likely to have a credit card than their non-Hispanics peers.
Many Hispanics speak both Spanish and English, and about 25% of all U.S. Hispanics speak only English at home. Payments providers are listening more closely to Hispanics’ preferences when designing products and services. One example is Western Union, which launched a Spanish language version of its mobile payments app early this year.
What follows are vital data points for payments companies targeting U.S. Hispanics.