Executive Brief: The Promise and Opportunities Presented by Digital Wallets
While consumers everywhere are embracing digital commerce, they are increasingly doing so through mobile devices. At checkout, digital wallets have been suggested as a convenient and secure means of completing purchases, but studies have consistently shown that merchant and consumer uptake has been slow. Many consumers have easy access to a wallet app, but choose not to use it. Our study finds that almost half of smartphone users (48%) have at least one digital wallet app installed on their phone.
This Executive Brief explores how banks and credit unions can see revenue and customer loyalty gains through digital wallet adoption. Through proprietary ath Power voice-of-the-customer research, the findings show how financial institutions are well-placed to leverage the opportunities presented by digital wallets and, in the process, guide their customers to an improved customer experience – both in-store and online.
The data and analysis that formed the basis for this Executive Brief are derived from The ath Power Digital Payments Study™. For this study, ath Power surveyed 3,423 consumers across the U.S. and Canada during May 2018, to assess their payments needs and evaluate their current payments preferences and experience. Insights from the study span a number of areas, including P2P payments, digital wallets, artificial intelligence, real-time payments, and security.