Left Your Wallet At Home
Consumers on average are more worried about going without their wallet (60%) than their smartphone (40%). These concerns change however according to digital wallet use.
If their physical wallet was lost, users would want their Digital Wallet to pay for:
71% - Groceries
62% - Gasoline
40% - Restaurants
Digital Wallet Use Eases Physical Wallet Worries
Power Users (72%) are more worried about leaving their smartphones behind because they use digital wallets for a wide variety of needs including e-commerce (31%), entertainment (19%), and other services (16%).
Frequency of Digital Wallet Use
Non-Users - 66% concerned over forgetting wallet | Frequency of Digital Wallet Use - Never
Light Users - 44% concerned over forgetting wallet | Frequency of Digital Wallet Use - Infrequently to Monthly
Power Users - 28% concerned over forgetting wallet | Frequency of Digital Wallet Use - Weekly or Daily
The Value of Early Adoptors
Digital Wallet users - who tend to be young, affluent, and from diverse backgrounds -desire a personal, immediate, and omnichannel shopping experience.
19% of all consumers say they can buy most things with a digital wall, but a percentage of power and light users say they can buy everything they need.
56% Power Users | 43% of Light Users
Opportunities for Merchants
Digital wallets can help consumers make necessary purchases if they leave their wallet behind. Merchants can drive adoption and engagement by educating their customers and being ready to accept digital wallets.
55% of Merchants are likely to update their systems to accept the latest digital wallets in the next 12 months.
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