Big Gap between Awareness and Usage for Mobile Wallets

Big Gap between Awareness and Usage for Mobile Wallets

July 30, 2014         Written By John H. Oldshue

Mobile wallets have made a big splash in recent years, but a new study shows there may be more discussion going on than actual usage. Research from Thrive Analytics shows far more people in America know about digital wallets than those who actually use them.

According to the study, 78% of consumers are aware of the existence of digital wallets, yet only 32% have actually used them. These numbers include using PayPal on a PC. This massive gap implies shoppers are essentially staying away from mobile wallets for the time being, no matter how prevalent they have become.

There are a few reasons why people may not have jumped on the digital wallet bandwagon just yet. Some say they question the security of digital wallets, and others say they don’t have a compelling reason to use them.

Many users feel it is still easier to pay with cash or a card than to use a digital wallet. Yet, 50% of all consumers now carry less than $20 cash on a regular basis.

60% of digital wallet transactions are conducted on a mobile device.

Among the digital wallets consumers have used, PayPal was clearly the leader. 79% of people who said they had used digital wallets said they have used PayPal. Google followed with 40%, and Apple Passbook had been used by 17% of the respondents.

The study also revealed how often people use digital wallets. 33% of those surveyed who had used digital wallets said they use them once a week, while 31% said they used them once a month. Only 7% indicated using their mobile and computer-based wallets on a daily basis.



The information contained within this article was accurate as of July 30, 2014. For up-to-date
information on any of the terms, cards or offers mentioned above, visit the issuer's website.


john-oldshue

About John H. Oldshue

John Oldshue is the creator of LowCards.com. He worked for over 15 years in television and won an Emmy award for his reporting. He covers credit card rate issues for LowCards.com.
View all posts by John H. Oldshue
Featured Limited/No Credit
Top Features : No annual fee; reports to major credit bureaus; access to higher credit line after making first 5 monthly payments on time
Featured Fair Credit Card
Top Features : No annual fee; access to higher credit line after making first 5 monthly payments on time
Featured Low Interest Card
Top Features : 1.25X miles on every purchase; no annual fee; bonus of 20,000 miles once $1,000 is spent in first 3 months
Featured Cash Back Card
Top Features : 1.5% cash back on all purchases; $150 bonus after spending $500 in first 3 months
Featured No Annual Fee Card
Top Features : Earn cash back TWICE. 1% when you buy plus 1% as you pay; 0% APR for 18 months on balance transfers
Featured Bad Credit Card
Top Features : Perfect credit not required; Reports to major credit bureaus