![\"digital](\"https://www.pymnts.com/wp-content/uploads/2024/07/UK-digital-wallet-use-Google.png\")
In the United Kingdom, digital wallets are not just tools for online payments; they are rapidly evolving into versatile companions for everyday tasks and transactions.
\nA recent PYMNTS Intelligence Report, \u201cDigital Wallets Beyond Financial Transactions: U.K. Edition,\u201d in collaboration with Google Wallet, reveals that 44% of British consumers plan to continue using digital wallets for financial transactions over the next three years. This statistic highlights a growing reliance on digital solutions during a shifting consumer landscape.
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Additionally, Generation Z and millennial consumers are at the forefront of broadening the scope of digital wallet usage. Beyond typical transactions, these younger demographics are increasingly employing digital wallets for diverse purposes, such as peer-to-peer payments and event venue access. For instance, 37% of Gen Z consumers have utilized digital wallets for peer-to-peer payments or splitting bills, showcasing a trend toward integrating digital wallets into social and daily life activities.
\nThe report also highlights a significant shift toward non-transactional uses of digital wallets among U.K. consumers. A notable 21% have leveraged their digital wallets for travel-related needs, from presenting boarding passes to accessing transportation tickets. This adaptability reflects consumers\u2019 growing comfort with digital solutions for managing everyday tasks beyond financial transactions.
\nThe report reveals that more than 75% of U.K. consumers have used digital wallets over the past year, mainly for online shopping. This illustrates the convenience and growing acceptance of digital payment methods among British consumers.
\nInterestingly, digital wallets are increasingly serving purposes beyond financial transactions. For instance, they are being employed for travel-related needs such as storing boarding passes or transportation tickets. This diversification highlights the versatility and utility of digital wallets in facilitating everyday tasks beyond payments.
\nWith digital wallets accessible via mobile devices, consumers find them convenient for scenarios like identity verification at events or even accessing digital services securely. This trend suggests a shift toward integrating digital wallets into various facets of daily life beyond the traditional retail transaction. According to the study, 37% of Gen Z and 27% of millennial consumers in the U.K. have used digital wallets to store credentials for non-transactional purposes.
\nGen Zers and millennials are at the forefront of expanding the use cases of digital wallets. A significant percentage of these younger demographics in the U.K. are leveraging digital wallets for travel-related purposes, indicating a preference for digital solutions that enhance mobility and convenience.
\nAccording to the report, 88% of Gen Zers needed to verify their identities in the last year, with digital wallets being a preferred method for storing credentials. The widespread adoption of digital wallets among this demographic for identity verification illustrates their potential to extend beyond conventional payment contexts and become integral to everyday routines.
\nYounger consumers\u2019 openness to using digital wallets for non-transactional purposes suggests they are paving the way for broader adoption among older demographics. As digital wallets become more integrated into daily routines, their utility and acceptance are likely to grow across all age groups.
\nThe shift toward using digital wallets for identity verification, particularly among younger demographics, signals a broader acceptance of digital solutions for managing personal credentials and enhancing security.
\nConsider that 77% of U.K. consumers use at least one digital wallet. As consumer behaviors evolve, businesses and service providers are expected to integrate digital wallet functionalities more extensively.
\nThese developments accentuate a significant shift toward digital solutions that enhance convenience, security and accessibility in everyday consumer interactions. The report anticipates continued growth in digital wallet adoption, especially for identity verification. With expanding adoption across demographics, businesses and service providers are likely to increasingly incorporate these technologies to meet evolving consumer expectations.
\nThe post 3 Big Ideas From PYMNTS Intelligence\u2019s Digital Wallets UK Report appeared first on PYMNTS.com.
\n", "content_text": "In the United Kingdom, digital wallets are not just tools for online payments; they are rapidly evolving into versatile companions for everyday tasks and transactions.\nA recent PYMNTS Intelligence Report, \u201cDigital Wallets Beyond Financial Transactions: U.K. Edition,\u201d in collaboration with Google Wallet, reveals that 44% of British consumers plan to continue using digital wallets for financial transactions over the next three years. This statistic highlights a growing reliance on digital solutions during a shifting consumer landscape.\n\nAdditionally, Generation Z and millennial consumers are at the forefront of broadening the scope of digital wallet usage. Beyond typical transactions, these younger demographics are increasingly employing digital wallets for diverse purposes, such as peer-to-peer payments and event venue access. For instance, 37% of Gen Z consumers have utilized digital wallets for peer-to-peer payments or splitting bills, showcasing a trend toward integrating digital wallets into social and daily life activities.\nThe report also highlights a significant shift toward non-transactional uses of digital wallets among U.K. consumers. A notable 21% have leveraged their digital wallets for travel-related needs, from presenting boarding passes to accessing transportation tickets. This adaptability reflects consumers\u2019 growing comfort with digital solutions for managing everyday tasks beyond financial transactions.\nExpanding Use Beyond Transactions\nThe report reveals that more than 75% of U.K. consumers have used digital wallets over the past year, mainly for online shopping. This illustrates the convenience and growing acceptance of digital payment methods among British consumers.\nInterestingly, digital wallets are increasingly serving purposes beyond financial transactions. For instance, they are being employed for travel-related needs such as storing boarding passes or transportation tickets. This diversification highlights the versatility and utility of digital wallets in facilitating everyday tasks beyond payments.\nWith digital wallets accessible via mobile devices, consumers find them convenient for scenarios like identity verification at events or even accessing digital services securely. This trend suggests a shift toward integrating digital wallets into various facets of daily life beyond the traditional retail transaction. According to the study, 37% of Gen Z and 27% of millennial consumers in the U.K. have used digital wallets to store credentials for non-transactional purposes.\nYounger Generations Driving Adoption\nGen Zers and millennials are at the forefront of expanding the use cases of digital wallets. A significant percentage of these younger demographics in the U.K. are leveraging digital wallets for travel-related purposes, indicating a preference for digital solutions that enhance mobility and convenience.\nAccording to the report, 88% of Gen Zers needed to verify their identities in the last year, with digital wallets being a preferred method for storing credentials. The widespread adoption of digital wallets among this demographic for identity verification illustrates their potential to extend beyond conventional payment contexts and become integral to everyday routines.\nYounger consumers\u2019 openness to using digital wallets for non-transactional purposes suggests they are paving the way for broader adoption among older demographics. As digital wallets become more integrated into daily routines, their utility and acceptance are likely to grow across all age groups.\nRising Popularity of Digital Wallets Signals Shift in Consumer Behavior\nThe shift toward using digital wallets for identity verification, particularly among younger demographics, signals a broader acceptance of digital solutions for managing personal credentials and enhancing security.\nConsider that 77% of U.K. consumers use at least one digital wallet. As consumer behaviors evolve, businesses and service providers are expected to integrate digital wallet functionalities more extensively.\nThese developments accentuate a significant shift toward digital solutions that enhance convenience, security and accessibility in everyday consumer interactions. The report anticipates continued growth in digital wallet adoption, especially for identity verification. With expanding adoption across demographics, businesses and service providers are likely to increasingly incorporate these technologies to meet evolving consumer expectations.\nThe post 3 Big Ideas From PYMNTS Intelligence\u2019s Digital Wallets UK Report appeared first on PYMNTS.com.", "date_published": "2024-07-25T04:00:55-04:00", "date_modified": "2024-07-24T18:32:07-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/07/mobile-wallets-digital-wallets-tickets.jpg", "tags": [ "Connected Economy", "digital transformation", "digital wallets", "Digital Wallets Beyond Financial Transactions: U.K. Edition", "EMEA", "Featured News", "Gen Z", "Generation Z", "Millennials", "Mobile Wallets", "News", "PYMNTS Intelligence", "PYMNTS News", "uk" ] }, { "id": "https://www.pymnts.com/?p=2015395", "url": "https://www.pymnts.com/mobile-wallets/2024/terrapay-enables-cross-border-payments-to-2-1-billion-mobile-wallets/", "title": "TerraPay Enables Cross-Border Payments to 2.1 Billion Mobile Wallets", "content_html": "TerraPay\u00a0says financial institutions can now send money to mobile wallets via the Swift system.
\nThe\u00a0announcement\u00a0Tuesday (July 23) by the money movement company applies to 2.1 billion mobile wallets worldwide, and is designed to enhance the cross-border payments experience for businesses and consumers.
\n\u201cPayments initiated by financial institutions over Swift will reach TerraPay\u2019s system with speed and efficiency, and with end-to-end transparency from account to wallet, powered by Swift\u2019s transaction tracking capabilities,\u201d TerraPay said in a news release.
\nSwift connects more than 11,500 financial institutions in more than 200 countries, while TerraPay\u2019s network facilitates payments between those 2.1 billion wallets and 7.5 billion bank accounts around the world.
\nThe company says the arrangement marks progress toward the\u00a0G20\u2019s goals\u00a0for faster, more transparent, and less costly cross-border transactions. The G20 countries have said they want to see\u00a075% of cross-border payments\u00a0credited to their beneficiaries within an hour by 2027.
\nTerraPay Co-founder and CEO Ambar Sur said the development also \u201caligns seamlessly with our vision of fostering a borderless financial ecosystem where moving money everywhere is instant, reliable and compliant, especially to underserved consumers.\u201d
\n\u201cWe estimate that we are reaching 600m unbanked consumers,\u201d Sur added.
\nMeanwhile, PYMNTS spoke earlier this week with TerraPay Chief Operating Officer\u00a0Ram Sundaram\u00a0about advances in the payments industry this year.
\n\u201cThere are two ways you can\u00a0increase revenue: either by charging a customer more, or by reducing your costs. And the use of technology in reducing costs is something that is easier to do than trying to charge the customer more,\u201d said Sundaram, who spoke with PYMNTS during a discussion for the series \u201cWhat\u2019s Next in Payments: The Halftime Report.\u201d
\nThe\u00a0World Bank\u2019s Sustainable Development Goals\u00a0(SDGs) call for a reduction in the cost of cross-border remittances, which is now around 8%.
\nSundaram said TerraPay\u2019s efforts align with this goal. Cutting remittance costs can unlock new use cases for cross-border services, thus expanding revenue streams for financial institutions and service providers.
\n\u201cIf you do a $10 transaction today, you\u2019ll probably spend a very significant part of that $10 as fees. And we need to get to a point where that base fee is something that you don\u2019t have to think about, so that you can do low-value transactions at scale \u2014 that could change the landscape of cross-border payments and remittances,\u201d he added.
\n\u201cApart from that, the way that you generate more revenues is that you create new use cases,\u201d Sundaram said.
\nThe post TerraPay Enables Cross-Border Payments to 2.1 Billion Mobile Wallets appeared first on PYMNTS.com.
\n", "content_text": "TerraPay\u00a0says financial institutions can now send money to mobile wallets via the Swift system.\nThe\u00a0announcement\u00a0Tuesday (July 23) by the money movement company applies to 2.1 billion mobile wallets worldwide, and is designed to enhance the cross-border payments experience for businesses and consumers.\n\u201cPayments initiated by financial institutions over Swift will reach TerraPay\u2019s system with speed and efficiency, and with end-to-end transparency from account to wallet, powered by Swift\u2019s transaction tracking capabilities,\u201d TerraPay said in a news release.\nSwift connects more than 11,500 financial institutions in more than 200 countries, while TerraPay\u2019s network facilitates payments between those 2.1 billion wallets and 7.5 billion bank accounts around the world.\nThe company says the arrangement marks progress toward the\u00a0G20\u2019s goals\u00a0for faster, more transparent, and less costly cross-border transactions. The G20 countries have said they want to see\u00a075% of cross-border payments\u00a0credited to their beneficiaries within an hour by 2027.\nTerraPay Co-founder and CEO Ambar Sur said the development also \u201caligns seamlessly with our vision of fostering a borderless financial ecosystem where moving money everywhere is instant, reliable and compliant, especially to underserved consumers.\u201d\n\u201cWe estimate that we are reaching 600m unbanked consumers,\u201d Sur added.\nMeanwhile, PYMNTS spoke earlier this week with TerraPay Chief Operating Officer\u00a0Ram Sundaram\u00a0about advances in the payments industry this year.\n\u201cThere are two ways you can\u00a0increase revenue: either by charging a customer more, or by reducing your costs. And the use of technology in reducing costs is something that is easier to do than trying to charge the customer more,\u201d said Sundaram, who spoke with PYMNTS during a discussion for the series \u201cWhat\u2019s Next in Payments: The Halftime Report.\u201d\nThe\u00a0World Bank\u2019s Sustainable Development Goals\u00a0(SDGs) call for a reduction in the cost of cross-border remittances, which is now around 8%.\nSundaram said TerraPay\u2019s efforts align with this goal. Cutting remittance costs can unlock new use cases for cross-border services, thus expanding revenue streams for financial institutions and service providers.\n\u201cIf you do a $10 transaction today, you\u2019ll probably spend a very significant part of that $10 as fees. And we need to get to a point where that base fee is something that you don\u2019t have to think about, so that you can do low-value transactions at scale \u2014 that could change the landscape of cross-border payments and remittances,\u201d he added.\n\u201cApart from that, the way that you generate more revenues is that you create new use cases,\u201d Sundaram said.\nThe post TerraPay Enables Cross-Border Payments to 2.1 Billion Mobile Wallets appeared first on PYMNTS.com.", "date_published": "2024-07-23T15:38:32-04:00", "date_modified": "2024-07-23T15:38:32-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/07/TerraPay-mobile-wallets.png", "tags": [ "cross-border payments", "G20", "Mobile Wallets", "News", "PYMNTS News", "SWIFT", "Technology", "TerraPay", "Unbanked consumers", "What's Hot" ] }, { "id": "https://www.pymnts.com/?p=2015117", "url": "https://www.pymnts.com/mobile-wallets/2024/inrupt-debuts-data-wallet-as-digital-wallet-use-grows/", "title": "Inrupt Debuts Data Wallet as Digital Wallet Use Grows", "content_html": "Enterprise software firm Inrupt has introduced a digital wallet designed to hold user data.
\nBusinesses and governments, the company wrote on its blog Tuesday (July 23), can use the technology to give customers and citizens a place to store their data.
\n\u201cOver 60% of the world\u2019s population is expected to use digital wallets regularly by 2026, and over half of consumers report interest in using them for a broader range of purposes,\u201d the company said. \u201cBut the existing market has focused largely on financial transactions and is dominated by a handful of Big Tech vendors.\u201d
\nThe Data Wallet, Inrupt said, differs from alternatives by accepting a range of different data, and makes it easy for users to consent to access to their data. The company argued that the Data Wallet creates opportunities for organizations as the web pivots toward a \u201cuser-centric approach\u201d to sharing, using and managing personal data.
\n\u201cBrowsers shaped the Web 1.0 era, and Web 2.0 was all about apps. But Web 3.0 is all about empowered individuals and personal data,\u201d said Sir Tim Berners-Lee, co-founder of Inrupt and esteemed computer scientist.
\n(Berners-Lee is widely credited for inventing the World Wide Web, the first web browser, and the building blocks that allowed the internet to scale.)
\n\u201cThe Data Wallet becomes a fundamental tool for users,\u201d he added. \u201cBy making this key piece of technology available, Inrupt is ensuring that the opportunities and benefits of secure personal Data Wallets are open for everyone.\u201d
\nInrupt\u2019s argument that consumers are using digital wallets for more than just payments is backed up by PYMNTS Intelligence research, with the convenience of always having them at the ready providing a major factor in wider adoption.
\nFindings from the PYMNTS Intelligence/Google Wallet study \u201cDigital Wallets Beyond Financial Transactions: A Global Perspective\u201d show that a third of consumers say that always having a digital wallet with them increases their likelihood of using its access and verification capabilities in the future \u2014 a larger share than said the same of any other digital wallet advantage.
\nMeanwhile, 30% of consumers said the fact that these features come at no or low cost raises their likelihood of using them, while a similar share said the same of the high security for their money that digital wallets offer.
\nBut even with this convenience, there remains a segment of doubtful consumers who are unlikely to be convinced to adopt these features.
\n\u201cDespite the overall interest, the more challenging audience of skeptics will be tough to persuade, as nearly half say nothing could convince them to use a consolidated digital wallet under any circumstance,\u201d the study noted.
\nThe post Inrupt Debuts Data Wallet as Digital Wallet Use Grows appeared first on PYMNTS.com.
\n", "content_text": "Enterprise software firm Inrupt has introduced a digital wallet designed to hold user data.\nBusinesses and governments, the company wrote on its blog Tuesday (July 23), can use the technology to give customers and citizens a place to store their data.\n\u201cOver 60% of the world\u2019s population is expected to use digital wallets regularly by 2026, and over half of consumers report interest in using them for a broader range of purposes,\u201d the company said. \u201cBut the existing market has focused largely on financial transactions and is dominated by a handful of Big Tech vendors.\u201d\nThe Data Wallet, Inrupt said, differs from alternatives by accepting a range of different data, and makes it easy for users to consent to access to their data. The company argued that the Data Wallet creates opportunities for organizations as the web pivots toward a \u201cuser-centric approach\u201d to sharing, using and managing personal data.\n\u201cBrowsers shaped the Web 1.0 era, and Web 2.0 was all about apps. But Web 3.0 is all about empowered individuals and personal data,\u201d said Sir Tim Berners-Lee, co-founder of Inrupt and esteemed computer scientist.\n(Berners-Lee is widely credited for inventing the World Wide Web, the first web browser, and the building blocks that allowed the internet to scale.)\n\u201cThe Data Wallet becomes a fundamental tool for users,\u201d he added. \u201cBy making this key piece of technology available, Inrupt is ensuring that the opportunities and benefits of secure personal Data Wallets are open for everyone.\u201d\nInrupt\u2019s argument that consumers are using digital wallets for more than just payments is backed up by PYMNTS Intelligence research, with the convenience of always having them at the ready providing a major factor in wider adoption.\nFindings from the PYMNTS Intelligence/Google Wallet study \u201cDigital Wallets Beyond Financial Transactions: A Global Perspective\u201d show that a third of consumers say that always having a digital wallet with them increases their likelihood of using its access and verification capabilities in the future \u2014 a larger share than said the same of any other digital wallet advantage.\nMeanwhile, 30% of consumers said the fact that these features come at no or low cost raises their likelihood of using them, while a similar share said the same of the high security for their money that digital wallets offer.\nBut even with this convenience, there remains a segment of doubtful consumers who are unlikely to be convinced to adopt these features.\n\u201cDespite the overall interest, the more challenging audience of skeptics will be tough to persuade, as nearly half say nothing could convince them to use a consolidated digital wallet under any circumstance,\u201d the study noted.\nThe post Inrupt Debuts Data Wallet as Digital Wallet Use Grows appeared first on PYMNTS.com.", "date_published": "2024-07-23T11:19:15-04:00", "date_modified": "2024-07-23T11:19:15-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/04/digital-wallets-mobile-payments.png", "tags": [ "data storage", "Data Wallets", "digital transformation", "digital wallet usage", "digital wallets", "Inrupt", "Mobile Wallets", "News", "PYMNTS News", "What's Hot" ] }, { "id": "https://www.pymnts.com/?p=1968222", "url": "https://www.pymnts.com/mobile-wallets/2024/3-big-ideas-future-digital-wallets/", "title": "Data: Consumers Are Using Digital Wallets for More Than Payments \u2014 Here\u2019s How", "content_html": "Consumers\u2019 use of digital wallets is evolving beyond just making purchases, and younger generations are showing the way forward.
\nThe PYMNTS Intelligence report \u201cDigital Wallets Beyond Financial Transactions: A Global Perspective,\u201d created in collaboration with Google Wallet, drew from a survey of more than 12,000 consumers across the United States, the United Kingdom, Brazil, France and Germany. The study examined how consumers use their digital wallets beyond making payments and how they intend to use them in the future.
\nHere are three of the broad-stroke takeaways.
\nGeneration Z is leading the charge with digital wallets. The study found that 48% of consumers in this generation now carry a physical wallet with them all the time versus the nearly two-thirds of the population overall that does so. Conversely, 10% of Gen Z consumers rarely or never carry a physical wallet with them, a greater share than any other generation.
\nAdditionally, the study noted that 27% of Gen Z individuals stored their access and payment credentials in their digital wallets in the last year. In contrast, for Generation X consumers, that share is just 17%.
\n\u201cIn this respect, these [younger] consumers can be seen as more likely to be digital pioneers for doing more than making payments with and storing information in digital wallets,\u201d the study said.
\nDigital wallets are gaining traction for their features beyond making purchases, but for now, transactions remain the most common use of the technology. The study found that 41% of consumers said they would likely use digital wallets to carry out financial transactions in the next year, just ahead of the 40% that said the same of storing and accessing payment methods.
\nMeanwhile, 29% said they would use the technology for age or identity verification; 28% to store and access rewards, discounts or coupons; 25% to store and access event tickets; and 24% to store and access financial documents or information.
\n\u201cData suggests that familiarity with digital wallets is the key bridge to cross for engaging new users, and even a portion of those skeptical today could become the digital wallet users of tomorrow,\u201d the study found.
\nAs consumers consider their future use of digital wallets\u2019 functionality beyond transactions, the convenience of having them always at the ready proves a key factor. One in three consumers said always having a digital wallet with them boosts their likelihood of using its access and verification capabilities in the future \u2014 a greater share than said the same of any other digital wallet advantage.
\nThirty percent of consumers, meanwhile, said the fact that these features come at no or low cost increases their likelihood of using them, and a similar share said the same of the high security for their money that digital wallets provide.
\nStill, even with this convenience, there remains a segment of doubtful consumers who are unlikely to be swayed to adopt these features.
\n\u201cDespite the overall interest, the more challenging audience of skeptics will be tough to persuade, as nearly half say nothing could convince them to use a consolidated digital wallet under any circumstance,\u201d the study noted.
\nThe post Data: Consumers Are Using Digital Wallets for More Than Payments \u2014 Here\u2019s How appeared first on PYMNTS.com.
\n", "content_text": "Consumers\u2019 use of digital wallets is evolving beyond just making purchases, and younger generations are showing the way forward.\nThe PYMNTS Intelligence report \u201cDigital Wallets Beyond Financial Transactions: A Global Perspective,\u201d created in collaboration with Google Wallet, drew from a survey of more than 12,000 consumers across the United States, the United Kingdom, Brazil, France and Germany. The study examined how consumers use their digital wallets beyond making payments and how they intend to use them in the future.\nHere are three of the broad-stroke takeaways.\nYoung Bucks\nGeneration Z is leading the charge with digital wallets. The study found that 48% of consumers in this generation now carry a physical wallet with them all the time versus the nearly two-thirds of the population overall that does so. Conversely, 10% of Gen Z consumers rarely or never carry a physical wallet with them, a greater share than any other generation.\nAdditionally, the study noted that 27% of Gen Z individuals stored their access and payment credentials in their digital wallets in the last year. In contrast, for Generation X consumers, that share is just 17%.\n\u201cIn this respect, these [younger] consumers can be seen as more likely to be digital pioneers for doing more than making payments with and storing information in digital wallets,\u201d the study said.\nShopping Wins\nDigital wallets are gaining traction for their features beyond making purchases, but for now, transactions remain the most common use of the technology. The study found that 41% of consumers said they would likely use digital wallets to carry out financial transactions in the next year, just ahead of the 40% that said the same of storing and accessing payment methods.\nMeanwhile, 29% said they would use the technology for age or identity verification; 28% to store and access rewards, discounts or coupons; 25% to store and access event tickets; and 24% to store and access financial documents or information.\n\u201cData suggests that familiarity with digital wallets is the key bridge to cross for engaging new users, and even a portion of those skeptical today could become the digital wallet users of tomorrow,\u201d the study found.\nThe On-Hand Advantage\nAs consumers consider their future use of digital wallets\u2019 functionality beyond transactions, the convenience of having them always at the ready proves a key factor. One in three consumers said always having a digital wallet with them boosts their likelihood of using its access and verification capabilities in the future \u2014 a greater share than said the same of any other digital wallet advantage.\nThirty percent of consumers, meanwhile, said the fact that these features come at no or low cost increases their likelihood of using them, and a similar share said the same of the high security for their money that digital wallets provide.\nStill, even with this convenience, there remains a segment of doubtful consumers who are unlikely to be swayed to adopt these features.\n\u201cDespite the overall interest, the more challenging audience of skeptics will be tough to persuade, as nearly half say nothing could convince them to use a consolidated digital wallet under any circumstance,\u201d the study noted.\nThe post Data: Consumers Are Using Digital Wallets for More Than Payments \u2014 Here\u2019s How appeared first on PYMNTS.com.", "date_published": "2024-06-27T11:16:44-04:00", "date_modified": "2024-06-27T20:55:54-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/04/digital-wallets-mobile-payments.png", "tags": [ "Connected Economy", "Digital Payments", "digital transformation", "digital wallets", "Digital Wallets Beyond Financial Transactions: A Global Perspective", "Featured News", "Generation Z", "Google Wallet", "Mobile Payments", "Mobile Wallets", "News", "PYMNTS Intelligence", "PYMNTS News", "PYMNTS Study", "Security", "Technology" ] }, { "id": "https://www.pymnts.com/?p=1956226", "url": "https://www.pymnts.com/mobile-wallets/2024/mobile-wallets-appeal-millennials-generation-z-across-their-physical-digital-lives/", "title": "Security Features Drive Digital Wallet Usage", "content_html": "Mobile payments \u2014 and by extension, mobile wallets \u2014 are proving to be a favorite means of paying for all aspects of daily life as younger consumers navigate physical and digital channels.
\nA range of findings from PYMNTS Intelligence reports have illustrated just how pervasive the use of smartphones has become in buying all manner of everyday items.
\nThe report \u201cMobile Wallets Gain Ground\u201d found that when it comes to digital purchases, older generations, such as baby boomers and seniors, still prefer using computers for purchases instead of mobile devices.
\nBut the pendulum swings the other way when it comes to younger consumers. Roughly a year ago, nearly 1 in 4 millennials and bridge millennials said they were shopping for non-grocery retail items on their phones.
\nThe PYMNTS Intelligence report \u201cDigital Bill Payments: Mobile Wallets Gain Popularity, but Hurdles Remain\u201d found that 60% of consumers reported using mobile wallets to pay their bills in 2023, a 22% increase from the previous year.
\nPart of the appeal of using the digital, stored options lies in security, such as biometrics and tokenization. More than one-third of users said they see digital wallets replacing substantially all of the features of physical wallets, such as storing documents and other credentials.
\n![\"Mobile](\"https://www.pymnts.com/wp-content/uploads/2024/06/Mobile-wallets-perceived-utility.png\")
There\u2019s at least some cross-pollination in the works as mobile devices and wallets are used in everyday settings. For example, 59% of consumers who have used their mobile wallets to pay bills have also used a mobile app for bill pay.
In May, Visa introduced new products designed to make its mobile banking app even more widely used by consumers. The Visa Payment Passkey Service confirms a consumer\u2019s identity and authorizes online payments with a facial or fingerprint scan. When shopping online, passkeys replace the need for passwords or one-time codes, enabling more streamlined, secure transactions.
\nIssuers will have several options for managing payment rules and preferences across different digital cards. At the end of 2023, Visa\u2019s tap-to-pay service had a 65% reach globally, up two times the amount in 2019.
\nPYMNTS Intelligence\u2019s findings were corroborated by the Federal Reserve Bank of Atlanta in its \u201cSurvey and Diary of Consumer Payment Choice.\u201d The central bank found that by late last year, 70% of U.S. consumers made a mobile payment at least once in the prior 12 months; 29% of payments made by U.S. consumers used a mobile device; and 27% of bills were paid using a mobile device. In 2018, just 8% of consumer payments were made via mobile.
\nThe post Security Features Drive Digital Wallet Usage appeared first on PYMNTS.com.
\n", "content_text": "Mobile payments \u2014 and by extension, mobile wallets \u2014 are proving to be a favorite means of paying for all aspects of daily life as younger consumers navigate physical and digital channels.\nA range of findings from PYMNTS Intelligence reports have illustrated just how pervasive the use of smartphones has become in buying all manner of everyday items.\nThe report \u201cMobile Wallets Gain Ground\u201d found that when it comes to digital purchases, older generations, such as baby boomers and seniors, still prefer using computers for purchases instead of mobile devices.\nBut the pendulum swings the other way when it comes to younger consumers. Roughly a year ago, nearly 1 in 4 millennials and bridge millennials said they were shopping for non-grocery retail items on their phones.\nThe PYMNTS Intelligence report \u201cDigital Bill Payments: Mobile Wallets Gain Popularity, but Hurdles Remain\u201d found that 60% of consumers reported using mobile wallets to pay their bills in 2023, a 22% increase from the previous year.\nPart of the appeal of using the digital, stored options lies in security, such as biometrics and tokenization. More than one-third of users said they see digital wallets replacing substantially all of the features of physical wallets, such as storing documents and other credentials.\nThere\u2019s at least some cross-pollination in the works as mobile devices and wallets are used in everyday settings. For example, 59% of consumers who have used their mobile wallets to pay bills have also used a mobile app for bill pay.\nIn May, Visa introduced new products designed to make its mobile banking app even more widely used by consumers. The Visa Payment Passkey Service confirms a consumer\u2019s identity and authorizes online payments with a facial or fingerprint scan. When shopping online, passkeys replace the need for passwords or one-time codes, enabling more streamlined, secure transactions.\nIssuers will have several options for managing payment rules and preferences across different digital cards. At the end of 2023, Visa\u2019s tap-to-pay service had a 65% reach globally, up two times the amount in 2019.\nThe Fed Underscores PYMNTS Intelligence Findings\nPYMNTS Intelligence\u2019s findings were corroborated by the Federal Reserve Bank of Atlanta in its \u201cSurvey and Diary of Consumer Payment Choice.\u201d The central bank found that by late last year, 70% of U.S. consumers made a mobile payment at least once in the prior 12 months; 29% of payments made by U.S. consumers used a mobile device; and 27% of bills were paid using a mobile device. In 2018, just 8% of consumer payments were made via mobile.\nThe post Security Features Drive Digital Wallet Usage appeared first on PYMNTS.com.", "date_published": "2024-06-06T16:49:57-04:00", "date_modified": "2024-06-06T19:51:49-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2023/02/mobile-wallet.jpg", "tags": [ "biometrics", "but Hurdles Remain", "Digital Bill Payments: Mobile Wallets Gain Popularity", "Digital Payments", "digital wallets", "ecommerce", "Featured News", "Generation Z", "grocery", "Millennials", "Mobile Applications", "Mobile Payments", "Mobile Wallets", "Mobile Wallets Gain Ground", "News", "PYMNTS Intelligence", "PYMNTS News", "PYMNTS Study", "Retail", "Security", "tokenization" ] }, { "id": "https://www.pymnts.com/?p=1955516", "url": "https://www.pymnts.com/mobile-wallets/2024/apple-pay-overtakes-paypal-as-retail-shoppers-go-to-digital-wallet/", "title": "Apple Pay Overtakes PayPal as Favored In-Store Mobile Wallet", "content_html": "Retail shoppers making purchases using digital wallets have shifted from favoring PayPal to Apple Pay, PYMNTS Intelligence reveals, and the latter only continues to gain share.
\nA PYMNTS Intelligence survey of 1,730 consumers in April who had purchased non-grocery retail items in last 30 days examined how consumers are paying for those items.
\n![\"chart,](\"https://www.pymnts.com/wp-content/uploads/2024/06/retail-payment-wallets.png\")
The study found that, at the start of 2022, PayPal was retail customers\u2019 digital wallet of choice, and it was not even close. However, in the time since, Apple Pay has taken the lead. The Apple-owned digital wallet briefly surpassed the former favorite online payments system in the first quarter of last year before falling behind again. However, as of the first quarter of this year, Apple is ahead, and in the second quarter, that lead only continued to widen.
\nAs of Q2, 12% of consumers had made their last retail purchase using a digital wallet. Roughly 6% had used Apple Pay, and 4% had used PayPal.
\nIndeed, Apple is seeing adoption rise.
\n\u201cThere are some categories that are growing very fast, \u2026 because they are relatively smaller in the scheme of our services business, like cloud, video, payment services. Those all set all-time revenue records,\u201d Apple CFO Luca Maestri told analysts on the company\u2019s last earnings call.
\nThe rise in Apple Pay usage comes as consumers make more mobile purchases overall.
\n\u201cIn 2021, I had 37 Apple Pay transactions; in 2022 I had 40. In 2023, I had 119 transactions \u2014 and so far in Jan and Feb of 2024, I have completed nearly half the number of all my 2023 transactions combined. My use of Apple Pay is exclusively in-app and, until this weekend, using my Apple Card,\u201d PYMNTS CEO Karen Webster wrote in a March feature. \u201cThe increase in use comes at the expense of PayPal and my bank account as funding sources \u2014 and as card on file at merchants I now shop using their app. \u2026 My increased use of Apple Pay reflects a shift in how and where I shop, which is increasingly using my phone/tablet and apps.\u201d
\nThe post Apple Pay Overtakes PayPal as Favored In-Store Mobile Wallet appeared first on PYMNTS.com.
\n", "content_text": "Retail shoppers making purchases using digital wallets have shifted from favoring PayPal to Apple Pay, PYMNTS Intelligence reveals, and the latter only continues to gain share.\nBy the Numbers\nA PYMNTS Intelligence survey of 1,730 consumers in April who had purchased non-grocery retail items in last 30 days examined how consumers are paying for those items.\n\nThe study found that, at the start of 2022, PayPal was retail customers\u2019 digital wallet of choice, and it was not even close. However, in the time since, Apple Pay has taken the lead. The Apple-owned digital wallet briefly surpassed the former favorite online payments system in the first quarter of last year before falling behind again. However, as of the first quarter of this year, Apple is ahead, and in the second quarter, that lead only continued to widen.\nAs of Q2, 12% of consumers had made their last retail purchase using a digital wallet. Roughly 6% had used Apple Pay, and 4% had used PayPal.\nThe Data in Context \nIndeed, Apple is seeing adoption rise.\n\u201cThere are some categories that are growing very fast, \u2026 because they are relatively smaller in the scheme of our services business, like cloud, video, payment services. Those all set all-time revenue records,\u201d Apple CFO Luca Maestri told analysts on the company\u2019s last earnings call.\nThe rise in Apple Pay usage comes as consumers make more mobile purchases overall.\n\u201cIn 2021, I had 37 Apple Pay transactions; in 2022 I had 40. In 2023, I had 119 transactions \u2014 and so far in Jan and Feb of 2024, I have completed nearly half the number of all my 2023 transactions combined. My use of Apple Pay is exclusively in-app and, until this weekend, using my Apple Card,\u201d PYMNTS CEO Karen Webster wrote in a March feature. \u201cThe increase in use comes at the expense of PayPal and my bank account as funding sources \u2014 and as card on file at merchants I now shop using their app. \u2026 My increased use of Apple Pay reflects a shift in how and where I shop, which is increasingly using my phone/tablet and apps.\u201d\nThe post Apple Pay Overtakes PayPal as Favored In-Store Mobile Wallet appeared first on PYMNTS.com.", "date_published": "2024-06-05T15:37:25-04:00", "date_modified": "2024-06-05T22:19:31-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/06/Apple-Pay-PayPal-wallet.png", "tags": [ "Apple", "Apple Pay", "digital wallets", "Mobile Wallets", "News", "payments", "PayPal", "PYMNTS Intelligence", "PYMNTS News", "Retail" ] }, { "id": "https://www.pymnts.com/?p=1944953", "url": "https://www.pymnts.com/mobile-wallets/2024/artificial-intelligence-mobile-devices-technology-reimagines-debit-credit-cards/", "title": "From AI to Mobile Devices: Technology Reimagines Debit and Credit Cards", "content_html": "The modern credit card\u2019s history stretches back to just after World War II, when the\u00a0Charg-It\u00a0card came out of Brooklyn, tied to a single bank.
\nAccount holders could use the cards at a few local merchants, and the bank paid the merchants and billed the cardholders.
\nThen came the rise of bank-issued cards through the 1950s and 1960s. Debit cards sprang up in the 1960s.
\nBut in 2024, closed-loop systems, embedded chips, a host of plastic cards in the wallet issued by several\u00a0different\u00a0banks, 16-digit numbers and CVVs to remember \u2014 well, it all seems so 20th century.
\nThe movement toward digital channels, mobile devices, and the hypergrowth of advanced technologies such as artificial intelligence are changing\u00a0the very ways in which\u00a0cards\u00a0are created, distributed, personalized and used.
\nThe spate of announcements from\u00a0Visa\u00a0this week introducing seven new\u00a0payment products\u00a0contained an offering that helps to further what might be termed the \u201creimagination\u201d of the card.
\nThe \u201cone card\u201d concept and execution \u2014 via the\u00a0Flexible Credential\u00a0\u2014 enables a single, digitally-issued card to \u201ctoggle\u201d between debit, credit, pay-over-time options and cryptocurrency. One card, connected to multiple banking accounts, eliminates the clutter for consumers that results from segmenting and juggling various banks\u2019 credit and debit cards as they conduct their daily financial lives.
\nSeparately, Visa also announced the ability to add credit and debit cards to mobile wallets through a tap, and to use cards to authenticate identity.
\nCards are nearly ubiquitous. But how\u00a0they\u2019re used\u00a0varies depending on where you look. PYMNTS Intelligence found that\u00a0Generation Z\u00a0consumers, for instance, are the most likely to use credit products or services to better manage their spending and cash flow, at 54% \u2014 the highest share across all age demographics. Millennials come second at nearly 52%. About 41% of older consumers do so.
\nPYMNTS Intelligence data from the \u201cTracking the Digital Payments Takeover\u201d series underscored the digital wallet as a hub for cards, a digital means of moving money between accounts and paying bills. About 80% of consumers said they would use a digital wallet for\u00a0a variety of\u00a0functions.
\n![\"Consumer](\"https://www.pymnts.com/wp-content/uploads/2024/05/Consumer-interest-in-additional-ways-to-use-digital-wallets.png\")
In recent months, there has been a shift in\u00a0card spending\u00a0(with momentum in debit), as using debit cards as the underlying digital wallet payment method when buying groceries has doubled in the last year. The data showed, for example, that debit cards garnered a 55% share of digital wallet spending for groceries. Older, high-income consumers used credit cards for 42% of retail purchases.
Cards issued by national banks still hold the majority among consumers, at 68% of cards issued. As PYMNTS found at the end of last year, two-thirds of consumers\u00a0who have\u00a0a primary bank account at a regional bank use a credit card issued by a national bank as their primary option.
\nVisa and PYMNTS Intelligence\u2019s dive into\u00a0click-and-mortar shopping\u00a0found that digital experiences across channels and\u00a0a plethora of\u00a0payment options are among the features most in demand with consumers.\u00a0AI-fueled banking and payment experiences, along with personalized, card-linked offers, can help push the use of cards digitally and with mobile devices\u00a0in hand.
\nThe post From AI to Mobile Devices: Technology Reimagines Debit and Credit Cards appeared first on PYMNTS.com.
\n", "content_text": "The modern credit card\u2019s history stretches back to just after World War II, when the\u00a0Charg-It\u00a0card came out of Brooklyn, tied to a single bank.\nAccount holders could use the cards at a few local merchants, and the bank paid the merchants and billed the cardholders.\nThen came the rise of bank-issued cards through the 1950s and 1960s. Debit cards sprang up in the 1960s.\nBut in 2024, closed-loop systems, embedded chips, a host of plastic cards in the wallet issued by several\u00a0different\u00a0banks, 16-digit numbers and CVVs to remember \u2014 well, it all seems so 20th century.\nThe movement toward digital channels, mobile devices, and the hypergrowth of advanced technologies such as artificial intelligence are changing\u00a0the very ways in which\u00a0cards\u00a0are created, distributed, personalized and used.\nThe spate of announcements from\u00a0Visa\u00a0this week introducing seven new\u00a0payment products\u00a0contained an offering that helps to further what might be termed the \u201creimagination\u201d of the card.\nThe \u201cone card\u201d concept and execution \u2014 via the\u00a0Flexible Credential\u00a0\u2014 enables a single, digitally-issued card to \u201ctoggle\u201d between debit, credit, pay-over-time options and cryptocurrency. One card, connected to multiple banking accounts, eliminates the clutter for consumers that results from segmenting and juggling various banks\u2019 credit and debit cards as they conduct their daily financial lives.\nSeparately, Visa also announced the ability to add credit and debit cards to mobile wallets through a tap, and to use cards to authenticate identity.\nCards are nearly ubiquitous. But how\u00a0they\u2019re used\u00a0varies depending on where you look. PYMNTS Intelligence found that\u00a0Generation Z\u00a0consumers, for instance, are the most likely to use credit products or services to better manage their spending and cash flow, at 54% \u2014 the highest share across all age demographics. Millennials come second at nearly 52%. About 41% of older consumers do so.\nPYMNTS Intelligence data from the \u201cTracking the Digital Payments Takeover\u201d series underscored the digital wallet as a hub for cards, a digital means of moving money between accounts and paying bills. About 80% of consumers said they would use a digital wallet for\u00a0a variety of\u00a0functions.\nIn recent months, there has been a shift in\u00a0card spending\u00a0(with momentum in debit), as using debit cards as the underlying digital wallet payment method when buying groceries has doubled in the last year. The data showed, for example, that debit cards garnered a 55% share of digital wallet spending for groceries. Older, high-income consumers used credit cards for 42% of retail purchases.\nCards issued by national banks still hold the majority among consumers, at 68% of cards issued. As PYMNTS found at the end of last year, two-thirds of consumers\u00a0who have\u00a0a primary bank account at a regional bank use a credit card issued by a national bank as their primary option.\nVisa and PYMNTS Intelligence\u2019s dive into\u00a0click-and-mortar shopping\u00a0found that digital experiences across channels and\u00a0a plethora of\u00a0payment options are among the features most in demand with consumers.\u00a0AI-fueled banking and payment experiences, along with personalized, card-linked offers, can help push the use of cards digitally and with mobile devices\u00a0in hand.\nThe post From AI to Mobile Devices: Technology Reimagines Debit and Credit Cards appeared first on PYMNTS.com.", "date_published": "2024-05-16T13:13:55-04:00", "date_modified": "2024-05-16T13:13:55-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2023/12/mobile-digital-wallet.jpg", "tags": [ "artificial intelligence", "authentication", "Connected Economy", "credit", "debit", "Digital Payments", "digital shift", "digital wallets", "identity verification", "Mobile Payments", "Mobile Wallets", "News", "PYMNTS News", "Technology", "Visa" ] }, { "id": "https://www.pymnts.com/?p=1939096", "url": "https://www.pymnts.com/mobile-wallets/2024/alipay-looks-to-expand-as-ewallet-use-grows/", "title": "Alipay+ Looks to Expand as eWallet Use Grows", "content_html": "China\u2019s\u00a0Ant Group\u00a0is reportedly looking to expand use of its payments product Alipay+.
\n\u201cWhat we found is that people want to use their\u00a0home e-wallets\u00a0when they travel abroad. So they don\u2019t want to have to load their card into another app that they don\u2019t know as well,\u201d\u00a0Douglas Feagin, senior vice president of Ant Group, said in a Monday (May 6) CNBC interview.
\nLaunched in 2020, Alipay+ allows visitors to China to use apps from their home countries to make payments.
\n\u201cWe see a huge opportunity for expansion and the relatively broad coverage we have in Asia \u2014 we [would] like to replicate in places like the Middle East, Latam and Europe,\u201d Feagin told CNBC. \u201cPeople from all these regions are going to other regions, so a big opportunity to expand.\u201d
\nLast week, the company launched a\u00a0cross-border payments initiative\u00a0aimed at boosting Hong Kong\u2019s tourism and commerce sector.
\nThe platform facilitates transactions for users of 14 overseas mobile wallets and bank apps from nine countries and regions, including Mongolia, Malaysia, Macau, Italy and Singapore, ensuring that these platforms, much like Alipay in mainland China, are now accepted by over 90% of local merchants in Hong Kong.
\n\u201cBy enabling users to conduct transactions through their preferred home apps, this integration aims to streamline payment processes, enhance operational efficiency, and elevate service standards in Hong Kong\u2019s retail landscape,\u201d PYMNTS wrote.
\nAlipay/Ant Group\u2019s efforts are happening at a time an increasing number of consumers are embracing the use of digital wallets, according to the PYMNTS Intelligence study \u201cTracking the Digital Payments Takeover: Can New Use Cases Drive Consumer Use of Digital Wallets?\u201d
\n\u201cThe trend is particularly pronounced among Generation Z consumers, with nearly 80% regularly using digital wallets,\u201d PYMNTS wrote last week.
\nThis evolution is set to further improve connected travel experiences \u2014 a shift that resonates strongly with Gen Z travelers. This is the first generation to grow up in a digital-centric world, meaning that Gen Z individuals are accustomed to seamless digital experiences and value convenience and efficiency in all areas of their lives, travel included.
\nBut it\u2019s not just travel and payments that make digital wallets attractive for consumers. The study also found that consumers \u2014 especially younger ones \u2014 were\u00a0intrigued by features\u00a0that could make their lives easier, like the ability to store crucial documents such as driver\u2019s licenses, passports and event tickets.
\nThe post Alipay+ Looks to Expand as eWallet Use Grows appeared first on PYMNTS.com.
\n", "content_text": "China\u2019s\u00a0Ant Group\u00a0is reportedly looking to expand use of its payments product Alipay+.\n\u201cWhat we found is that people want to use their\u00a0home e-wallets\u00a0when they travel abroad. So they don\u2019t want to have to load their card into another app that they don\u2019t know as well,\u201d\u00a0Douglas Feagin, senior vice president of Ant Group, said in a Monday (May 6) CNBC interview.\nLaunched in 2020, Alipay+ allows visitors to China to use apps from their home countries to make payments.\n\u201cWe see a huge opportunity for expansion and the relatively broad coverage we have in Asia \u2014 we [would] like to replicate in places like the Middle East, Latam and Europe,\u201d Feagin told CNBC. \u201cPeople from all these regions are going to other regions, so a big opportunity to expand.\u201d\nLast week, the company launched a\u00a0cross-border payments initiative\u00a0aimed at boosting Hong Kong\u2019s tourism and commerce sector.\nThe platform facilitates transactions for users of 14 overseas mobile wallets and bank apps from nine countries and regions, including Mongolia, Malaysia, Macau, Italy and Singapore, ensuring that these platforms, much like Alipay in mainland China, are now accepted by over 90% of local merchants in Hong Kong.\n\u201cBy enabling users to conduct transactions through their preferred home apps, this integration aims to streamline payment processes, enhance operational efficiency, and elevate service standards in Hong Kong\u2019s retail landscape,\u201d PYMNTS wrote.\nAlipay/Ant Group\u2019s efforts are happening at a time an increasing number of consumers are embracing the use of digital wallets, according to the PYMNTS Intelligence study \u201cTracking the Digital Payments Takeover: Can New Use Cases Drive Consumer Use of Digital Wallets?\u201d\n\u201cThe trend is particularly pronounced among Generation Z consumers, with nearly 80% regularly using digital wallets,\u201d PYMNTS wrote last week.\nThis evolution is set to further improve connected travel experiences \u2014 a shift that resonates strongly with Gen Z travelers. This is the first generation to grow up in a digital-centric world, meaning that Gen Z individuals are accustomed to seamless digital experiences and value convenience and efficiency in all areas of their lives, travel included.\nBut it\u2019s not just travel and payments that make digital wallets attractive for consumers. The study also found that consumers \u2014 especially younger ones \u2014 were\u00a0intrigued by features\u00a0that could make their lives easier, like the ability to store crucial documents such as driver\u2019s licenses, passports and event tickets.\nThe post Alipay+ Looks to Expand as eWallet Use Grows appeared first on PYMNTS.com.", "date_published": "2024-05-06T11:42:12-04:00", "date_modified": "2024-05-06T11:42:12-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2021/09/Alipay.jpg", "tags": [ "Alipay", "Ant Group", "china", "cross-border payments", "Digital Payments", "digital wallets", "Mobile Wallets", "News", "PYMNTS News", "travel", "What's Hot" ] }, { "id": "https://www.pymnts.com/?p=1937817", "url": "https://www.pymnts.com/mobile-wallets/2024/55percent-high-earning-consumers-79percent-generation-z-use-digital-wallets/", "title": "55% of High-Earning Consumers and 79% of Gen Z Use Digital Wallets", "content_html": "Whether shopping online or in person, an increasing number of consumers are embracing digital wallets.
\nBut the appeal of digital wallets \u2014\u00a0which include\u00a0Apple Pay,\u00a0Google Wallet,\u00a0PayPal\u00a0and others \u2014 doesn\u2019t end with shopping.\u00a0Digital wallets can also provide other features intended to make\u00a0the lives of users\u00a0easier, such as the ability to store important documents like driver\u2019s licenses, passports and event tickets.
\nBut as PYMNTS Intelligence found when researching \u201cTracking the Digital Payments Takeover: Can New Use Cases Drive Consumer Use of Digital Wallets?\u201d the enthusiasm around using digital wallets to store sensitive documents varies depending on who\u00a0is asked.
\n![\"Digital](\"https://www.pymnts.com/wp-content/uploads/2024/05/Digital-wallet-use.png\")
While 51% of U.S. consumers, in general,\u00a0said they are either somewhat interested or very interested in using digital wallet storage features, 78% of baby boomers and seniors have only a slight interest or no interest in keeping documents on their devices.
\nThe excitement about using digital wallets to store documents climbs when younger consumers weigh in.\u00a0Forty-nine percent of Generation Z respondents\u00a0said they are\u00a0extremely\u00a0interested, as are 51% of millennials.\u00a0Forty-six percent of bridge millennials and 26% of Generation X consumers are also\u00a0extremely\u00a0interested in using special digital wallet features.
\nTo better understand these varying degrees of enthusiasm, it may help to look at which demographic groups\u00a0in general\u00a0use digital wallets.
\nThe appetite people have\u00a0for digital wallets mirrors \u2014 to some extent \u2014 their excitement about storing documents on their digital devices. Seventy-nine percent of Gen Z consumers are avid digital wallet users, as are 67% of millennials,\u00a0followed by\u00a062% of bridge millennials and 44% of Gen Xers. Meanwhile, only 28% of baby boomers and seniors use digital wallets.
\nBut age is just one yardstick to judge digital wallet use. How much money people earn\u00a0each year\u00a0also appears to shape their interest in digital wallets.
\nFifty-five percent of high-earning consumers (those making $100,000 or more annually) are digital wallet users. Fifty-one percent of middle-income consumers (those earning\u00a0between $50,000 and $100,000 per year) use digital wallets. But excitement around digital wallets tapers off when low-income respondents (those earning $50,000 or less each year)\u00a0are asked; only 41%\u00a0of them\u00a0are digital wallet users.
\nThe post 55% of High-Earning Consumers and 79% of Gen Z Use Digital Wallets appeared first on PYMNTS.com.
\n", "content_text": "Whether shopping online or in person, an increasing number of consumers are embracing digital wallets.\nBut the appeal of digital wallets \u2014\u00a0which include\u00a0Apple Pay,\u00a0Google Wallet,\u00a0PayPal\u00a0and others \u2014 doesn\u2019t end with shopping.\u00a0Digital wallets can also provide other features intended to make\u00a0the lives of users\u00a0easier, such as the ability to store important documents like driver\u2019s licenses, passports and event tickets.\nBut as PYMNTS Intelligence found when researching \u201cTracking the Digital Payments Takeover: Can New Use Cases Drive Consumer Use of Digital Wallets?\u201d the enthusiasm around using digital wallets to store sensitive documents varies depending on who\u00a0is asked.\n\nWhile 51% of U.S. consumers, in general,\u00a0said they are either somewhat interested or very interested in using digital wallet storage features, 78% of baby boomers and seniors have only a slight interest or no interest in keeping documents on their devices.\nThe excitement about using digital wallets to store documents climbs when younger consumers weigh in.\u00a0Forty-nine percent of Generation Z respondents\u00a0said they are\u00a0extremely\u00a0interested, as are 51% of millennials.\u00a0Forty-six percent of bridge millennials and 26% of Generation X consumers are also\u00a0extremely\u00a0interested in using special digital wallet features.\nTo better understand these varying degrees of enthusiasm, it may help to look at which demographic groups\u00a0in general\u00a0use digital wallets.\nThe appetite people have\u00a0for digital wallets mirrors \u2014 to some extent \u2014 their excitement about storing documents on their digital devices. Seventy-nine percent of Gen Z consumers are avid digital wallet users, as are 67% of millennials,\u00a0followed by\u00a062% of bridge millennials and 44% of Gen Xers. Meanwhile, only 28% of baby boomers and seniors use digital wallets.\nBut age is just one yardstick to judge digital wallet use. How much money people earn\u00a0each year\u00a0also appears to shape their interest in digital wallets.\nFifty-five percent of high-earning consumers (those making $100,000 or more annually) are digital wallet users. Fifty-one percent of middle-income consumers (those earning\u00a0between $50,000 and $100,000 per year) use digital wallets. But excitement around digital wallets tapers off when low-income respondents (those earning $50,000 or less each year)\u00a0are asked; only 41%\u00a0of them\u00a0are digital wallet users.\nThe post 55% of High-Earning Consumers and 79% of Gen Z Use Digital Wallets appeared first on PYMNTS.com.", "date_published": "2024-05-02T12:22:16-04:00", "date_modified": "2024-05-02T12:22:16-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2023/12/mobile-digital-wallet.jpg", "tags": [ "digital wallets", "Generation Z", "Mobile Wallets", "News", "PYMNTS Intelligence", "PYMNTS News", "PYMNTS Study" ] }, { "id": "https://www.pymnts.com/?p=1904540", "url": "https://www.pymnts.com/mobile-wallets/2024/digital-wallets-provide-local-touch-connected-travel-experiences/", "title": "Digital Wallets Provide Local Touch to Connected Travel Experiences", "content_html": "Alipay+\u00a0unveiled a\u00a0cross-border payments\u00a0initiative\u00a0in a move\u00a0to boost Hong\u00a0Kong\u2019s\u00a0tourism and commerce sector.
\nThe platform facilitates transactions for users of 14 overseas mobile wallets and bank apps from nine countries and regions.
\nAmong the eWallets and bank apps newly introduced to the\u00a0city\u2019s\u00a0landscape are\u00a0Hipay\u00a0from Mongolia,\u00a0Malaysia\u2019s\u00a0MyPB by Public Bank Berhad\u00a0and\u00a0Touch\u00a0\u2019n Go eWallet,\u00a0MPay\u00a0from Macau SAR,\u00a0Changi Pay\u00a0and\u00a0OCBC Digital\u00a0from Singapore and\u00a0Tinaba\u00a0from Italy. This expansion ensures that these platforms, similar to Alipay in mainland China, are now accepted by over 90% of local merchants in Hong Kong.
\nBy enabling users to conduct transactions through their preferred home apps,\u00a0this integration aims to streamline payment processes, enhance operational efficiency, and elevate service standards in Hong\u00a0Kong’s\u00a0retail landscape.
\nAdditionally,\u00a0the integration of\u00a0multiple international payment platforms and apps into the\u00a0city\u2019s\u00a0digital wallet ecosystem translates into broader customer reach and increased revenue opportunities for merchants, enabling businesses in Hong Kong to cater to the needs and payment preferences of overseas visitors.
\n\u201cWhen we pay like locals, we can travel and experience the culture like locals,\u201d\u00a0Venetia Lee, CEO of AlipayHK and Greater China General Manager of Ant International, said in a Friday (April 26)\u00a0press release.\u00a0\u201c… This allows hassle-free payments, promotes the development of Hong\u00a0Kong\u2019s\u00a0tourism industry, and helps local merchants enhance the effectiveness of their promotional activities through digital technology.\u201d
\nIn a similar vein, eSIM company\u00a0eSIM Go\u00a0has expanded its mobile data service by integrating\u00a0Western\u00a0Union\u2019s\u00a0digital wallets, providing coverage in over 150 countries via its\u00a0\u201cPowered by Breeze\u201d\u00a0offering.
\nThe integration enables Western Union digital wallet customers in select European countries, including Germany, Italy, Poland and Romania, to access the solution from their digital banking apps, facilitating transactions in their preferred language and currency.
\n\u201cEquipping digital wallet customers with global connectivity possibilities serves the dual purpose of traveling with ease and optimizing access to digital banking services from anywhere,\u201d\u00a0the company said in a March 26\u00a0news release.\u00a0\u201cWestern Union eSIMs give customers hassle-free access to wallet-friendly data roaming, either to use on their next foreign trip or to effortlessly send to family and friends living abroad.\u201d
\nThese developments\u00a0are occurring\u00a0within the broader landscape of increased adoption of digital wallets such as\u00a0Apple Pay,\u00a0Google Wallet\u00a0and\u00a0PayPal.\u00a0Serving as\u00a0secure repositories for credit and debit card information, digital wallets provide consumers with a convenient and contactless payment method, freeing them from\u00a0the necessity of\u00a0carrying physical cards during travel or shopping errands.\u00a0Moreover, they enhance online shopping experiences by eliminating the need to input sensitive card data into websites and apps.
\nGiven these advantages, digital wallets have garnered widespread popularity among consumers, as highlighted in PYMNTS\u00a0Intelligence\u2019s\u00a0report,\u00a0\u201cTracking the Digital Payments Takeover: Can New Use Cases Drive Consumer Use of Digital Wallets?\u201d\u00a0The trend\u00a0is particularly pronounced\u00a0among\u00a0Generation Z\u00a0consumers, with nearly 80% regularly using digital wallets.
\nLooking ahead, the evolution of digital wallets\u00a0is set\u00a0to further revolutionize\u00a0connected travel experiences\u00a0\u2014 a shift that resonates strongly with Gen Z travelers. As the first generation to grow up in a digital-centric world, Gen Z individuals\u00a0are accustomed\u00a0to seamless digital experiences and value convenience and efficiency in all aspects of their lives, including travel.
\nDigital wallets offer a natural extension of their digital lifestyle, providing a streamlined solution for managing transactions on the go, whether\u00a0it\u2019s\u00a0purchasing tickets for public transportation, dining at local eateries, or shopping for souvenirs on trips.
\nThe post Digital Wallets Provide Local Touch to Connected Travel Experiences appeared first on PYMNTS.com.
\n", "content_text": "Alipay+\u00a0unveiled a\u00a0cross-border payments\u00a0initiative\u00a0in a move\u00a0to boost Hong\u00a0Kong\u2019s\u00a0tourism and commerce sector.\nThe platform facilitates transactions for users of 14 overseas mobile wallets and bank apps from nine countries and regions.\nAmong the eWallets and bank apps newly introduced to the\u00a0city\u2019s\u00a0landscape are\u00a0Hipay\u00a0from Mongolia,\u00a0Malaysia\u2019s\u00a0MyPB by Public Bank Berhad\u00a0and\u00a0Touch\u00a0\u2019n Go eWallet,\u00a0MPay\u00a0from Macau SAR,\u00a0Changi Pay\u00a0and\u00a0OCBC Digital\u00a0from Singapore and\u00a0Tinaba\u00a0from Italy. This expansion ensures that these platforms, similar to Alipay in mainland China, are now accepted by over 90% of local merchants in Hong Kong.\nBy enabling users to conduct transactions through their preferred home apps,\u00a0this integration aims to streamline payment processes, enhance operational efficiency, and elevate service standards in Hong\u00a0Kong’s\u00a0retail landscape.\nAdditionally,\u00a0the integration of\u00a0multiple international payment platforms and apps into the\u00a0city\u2019s\u00a0digital wallet ecosystem translates into broader customer reach and increased revenue opportunities for merchants, enabling businesses in Hong Kong to cater to the needs and payment preferences of overseas visitors.\n\u201cWhen we pay like locals, we can travel and experience the culture like locals,\u201d\u00a0Venetia Lee, CEO of AlipayHK and Greater China General Manager of Ant International, said in a Friday (April 26)\u00a0press release.\u00a0\u201c… This allows hassle-free payments, promotes the development of Hong\u00a0Kong\u2019s\u00a0tourism industry, and helps local merchants enhance the effectiveness of their promotional activities through digital technology.\u201d\nIn a similar vein, eSIM company\u00a0eSIM Go\u00a0has expanded its mobile data service by integrating\u00a0Western\u00a0Union\u2019s\u00a0digital wallets, providing coverage in over 150 countries via its\u00a0\u201cPowered by Breeze\u201d\u00a0offering.\nThe integration enables Western Union digital wallet customers in select European countries, including Germany, Italy, Poland and Romania, to access the solution from their digital banking apps, facilitating transactions in their preferred language and currency.\n\u201cEquipping digital wallet customers with global connectivity possibilities serves the dual purpose of traveling with ease and optimizing access to digital banking services from anywhere,\u201d\u00a0the company said in a March 26\u00a0news release.\u00a0\u201cWestern Union eSIMs give customers hassle-free access to wallet-friendly data roaming, either to use on their next foreign trip or to effortlessly send to family and friends living abroad.\u201d\nThese developments\u00a0are occurring\u00a0within the broader landscape of increased adoption of digital wallets such as\u00a0Apple Pay,\u00a0Google Wallet\u00a0and\u00a0PayPal.\u00a0Serving as\u00a0secure repositories for credit and debit card information, digital wallets provide consumers with a convenient and contactless payment method, freeing them from\u00a0the necessity of\u00a0carrying physical cards during travel or shopping errands.\u00a0Moreover, they enhance online shopping experiences by eliminating the need to input sensitive card data into websites and apps.\nGiven these advantages, digital wallets have garnered widespread popularity among consumers, as highlighted in PYMNTS\u00a0Intelligence\u2019s\u00a0report,\u00a0\u201cTracking the Digital Payments Takeover: Can New Use Cases Drive Consumer Use of Digital Wallets?\u201d\u00a0The trend\u00a0is particularly pronounced\u00a0among\u00a0Generation Z\u00a0consumers, with nearly 80% regularly using digital wallets.\nLooking ahead, the evolution of digital wallets\u00a0is set\u00a0to further revolutionize\u00a0connected travel experiences\u00a0\u2014 a shift that resonates strongly with Gen Z travelers. As the first generation to grow up in a digital-centric world, Gen Z individuals\u00a0are accustomed\u00a0to seamless digital experiences and value convenience and efficiency in all aspects of their lives, including travel.\nDigital wallets offer a natural extension of their digital lifestyle, providing a streamlined solution for managing transactions on the go, whether\u00a0it\u2019s\u00a0purchasing tickets for public transportation, dining at local eateries, or shopping for souvenirs on trips.\nThe post Digital Wallets Provide Local Touch to Connected Travel Experiences appeared first on PYMNTS.com.", "date_published": "2024-04-29T13:14:03-04:00", "date_modified": "2024-04-29T13:14:03-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/04/Alipay-digtal-wallets-Hong-Kong.jpeg", "tags": [ "Alipay", "APAC", "connected commerce", "Connected Economy", "cross-border payments", "Digital Payments", "digital wallets", "eSIM Go", "Global Payments", "Hong Kong", "international", "Mobile Applications", "Mobile Payments", "Mobile Wallets", "News", "PYMNTS News", "western union" ] } ] }