How Consumers Are Using Digital Wallets

HOW CONSUMERS ARE USING DIGITAL WALLETS Digital wallets are the latest innovation in payment processing taking transactions a step further by eliminating the use of both cash and credit cards at the time of purchase. See how consumers are responding to this new technology - is this a growing trend or just a fad? POPULARITY OF DIGITAL WALLETS 2% of Americans Only actually use digital wallets 25% of smartphone users have an app that incorporates wallet functions 68% of mobile payment users report that they are using alternative payment methods more this year than last year HOW CONSUMERS USE DIGITAL WALLETS P 55% 52% 46% 15% of people buy items using a of us pay for items online of people use PayPal use a smartphone to pay for goods and services digital wallet linked to a and in-store to settle using a digital wallet bills debit card WHAT DO CONSUMERS THINK OF DIGITAL WALLETS BUY NOW 45% 5% 55% of digital wallet believe that more of non users cite users have no retailers need to security concern as their primary reason for avoiding digital concerns accept digital payments wallets BIGGEST BENEFITS OF USING DIGITAL WALLETS Consolidating payment cards including gift cards into Offering savings options through deals and offers Categorizing spending Capturing paper receipts one place BARRIERS TO DIGITAL WALLET USAGE unsure about never don't know worries about losing their phone the security of needed one enough information transactions 37% 24% 19% 19% ? ---- didn't know they existed prefer to use don't have any cards that work with a paper money digital wallet 10% 7% 8% Groovv Sources: http://www.statista.com/statistics/244296/mobile-payment-billing-methods-used-by-us-users/ http://www.statista.com/statistics/306828/us-users-not-using-digital-wallets-reasons/ http://www.comscore.com/Insights/Presentations-and-Whitepapers/2012/2013-Digital-Wallets-and-Payments-Sneak-Peek http://www.hongkiat.com/blog/digital-wallets/ http://www.gallup.com/opinion/gallup/184094/digital-wallets-don-deliver-consumers-need.aspx http://www.mobilepaymentstoday.com/articles/digital-wallets-the-rise-of-promising-platforms-and-whats-needed-to-break-through-with-consumers/ http://www.cashstar.com/uploads/cashstar-dri-mobile-app-and-digital-wallet-usage-report.pdf %24