The market for digital wallets is brimming with potential, having witnessed strong and steady growth in some areas (such as e-commerce) and the dawn of new transactional possibilities in others (such as mobile proximity payments). This brief provides an unparalleled view into where the key opportunities lie in the digital wallets space based upon consumer behavior and sentiment.
Gain a deep understanding of how increased mobile internet use is transforming online and instore commerce, and the opportunity this presents.
Optimize your product strategy by leveraging our unique data and objective insights to better understand consumer attitudes to mobile wallets.
What activities are consumers using their mobiles for the most, and what opportunities do these present digital wallet providers?
What is the consumer experience with digital wallets to date, and where does future growth for mobile wallet services lie?
As the digital wallet ecosystem continues to develop, it has become increasingly apparent that most are embracing the existing four-corner payment cycle model, with more than 71% of mobile wallets funded via payment cards.
The online payments space remains dominated by credit cards, which now account for 26.1% of all online purchases globally. Debit cards, domestic payment tools, and digital wallets pioneer PayPal trail with smaller but still-sizable shares of 14.4%, 13.9%, and 12.3% respectively.
When it comes to new technologies, security is often cited as the main reason for consumers not wanting to adopt them. While security concerns among non-mobile wallet holders remain very high, the opposite rings true among mobile wallet users suggesting that with greater use and familiarity, concerns regarding mobile wallet security will subside.