Digital Wallet Users Love Bill Pay but Balk at Payments In-Store - PYMNTS.com

Contactless outgo for purchases astatine the constituent of merchantability (POS) has retained its pandemic-boosted popularity, and carnal cards and mobile devices equipped with near-field connection (NFC) exertion let consumers to simply and conveniently pat to wage in-store astatine virtually each retailers and restaurants.

While NFC enables these alternate outgo methods astatine POS consoles, integer wallets are the backbone of mobile instrumentality payouts. Whether Apple Pay, Google Pay, Samsung Pay, Amazon Pay oregon PayPal, the conception is the same. They supply unafraid retention of and entree to the consumer’s recognition oregon debit paper accusation for each transaction. Digital wallets besides connection a convenient mode to store loyalty and rewards cards, proscription and lawsuit tickets, and drivers’ licenses successful a fistful of U.S. states.

Consumers are besides drawn to integer wallets for measure pay, owed to their easiness of usage and quality to wage instantly and securely. PYMNTS’ probe finds that consumers usage mobile wallets astatine slightest 73% much to wage bills and nonstop wealth to others than to marque purchases in-store. Even consumers who bash not presently usage mobile wallets for measure wage and wealth transportation are much funny successful utilizing mobile wallets for these reasons than for in-store purchases.

“The Digital Wallet Mandate: Secure Bill Pay Beyond the in-Store Point of Sale,” a PYMNTS and ACI Worldwide collaboration, examines consumers’ increasing involvement successful utilizing mobile wallets for much than making purchases in-store astatine the carnal POS. We surveyed 2,059 consumers betwixt Aug. 18 and Aug. 25 to research their level of comfortableness and involvement successful utilizing mobile wallets to negociate their finances and store delicate idiosyncratic information.

More cardinal findings from the survey include:

• Consumers are drawn to mobile wallets for measure wage for easiness of usage and instant wage options. PYMNTS’ probe finds that measure wage is the astir wide utilized mobile wallet feature, with 50% of consumers having utilized mobile wallets to wage bills successful the past 12 months. Consumers usage measure wage an mean of six to 7 days a month, and 51% see it an highly important diagnostic of mobile wallets. Three retired of 4 consumers usage mobile wallets for velocity and convenience, with 50% citing that arsenic the astir important crushed to usage mobile wallets for measure pay. Sixty-two percent are precise oregon highly satisfied with utilizing mobile wallets to wage bills.

• Consumers are highly funny successful utilizing mobile wallets for different applications, specified arsenic storing ID cards, lawsuit tickets oregon virtual keys and managing rewards and discounts. Among existent mobile wallet users, 67% of consumers who usage mobile wallets for applications specified arsenic storing ID cards, lawsuit tickets oregon virtual keys are precise oregon highly funny successful continuing to bash so, portion lone 20% of those not presently utilizing these features are arsenic highly funny successful utilizing them successful the adjacent 12 months. Among those who negociate rewards and discounts with mobile wallets, 65% are precise oregon highly funny successful continuing to bash so, portion 24% of those not presently utilizing the diagnostic are precise oregon highly funny successful utilizing it successful the future.

• Consumers trust connected mobile wallets to streamline and unafraid entree to their fiscal and idiosyncratic information. Consumers are funny successful utilizing mobile wallets present and successful the aboriginal — not lone for easiness of usage and convenience, but besides for security. While 84% to 85% of consumers presently usage mobile wallet features for easiness of usage and convenience, astir 80% usage mobile wallets to prevention time. Two-thirds of consumers usage mobile wallets for security, with those precise oregon highly funny successful mobile wallets successful the adjacent 12 months citing information of their fiscal and idiosyncratic accusation arsenic a crushed to usage mobile wallets.

To larn much astir consumers’ involvement successful utilizing mobile wallets for much than conscionable in-store purchases, download the report.