Despite Slow Growth Rates, Data Shows Digital Wallets Will be Big in 2018

Digital Wallets is going to be big. Despite a very slow rate, both merchants and consumers are vouching that the value a digital wallet poses is tremendous to both parties. According to a report by Forrester Consulting, cardless ATMs, P2P payment apps, and store loyalty programs have positioned mobile wallets to be the next big thing.

The findings from the reports shows that both merchants and consumers expect digital wallet adoption to grow soon, with 41% of consumers saying that they are likely to sign up for a digital wallet in the next 12 months and 55% of merchants saying they are likely to update their POS or e-commerce systems to offer the latest digital wallet solutions in the next 12 months.

Also 67% of merchants believe that within five years most of transactions will be through digital wallets.

The report, released last week, was conducted by Forrester Consulting and commissioned by JPMorgan Chase. The study surveyed 1,500 US consumers above the age of 18 that go online at least once a week, as well as 800 professionals across a variety of industries who are responsible for their company’s payment decisions.

The research divided those surveyed into three categories: Power Users, Light Users, and Non-Users. According to the report, Power users tend to be younger and more affluent, with 79% of them owning more than four tech devices.

Read the full report here.

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