Study Says Consumer Awareness and Understanding of Digital Wallets Still Low

The study The Intersection of Payments and Commerce in a Digital World found 16% of consumers have ever used a digital wallet. Even worse, consumer awareness and understanding of digital wallets is low. Retailer adoption isn't helping either: just over a third (36%) of merchants currently accept digital wallets.

"This doesn’t mean consumers aren’t paying for things digitally, they just aren’t doing it via mobile wallets," Chuck Martin reported. Of consumers who go online weekly, here’s how often they shop and pay by device type:

  • 35% — Computer
  • 30% — Mobile website
  • 29% — Mobile app

Retailers can promote their safe and secure digital/mobile pay options with TV commercials. The latest AudienceSCAN study found 46% of Mobile Wallet Users took action after watching a spot in the past month.

"In terms of how people pay, traditional plastic cards still lead the list. The good news for wallets is that 69% of those who use them prefer using them over other payment methods. The bad news is that only 4% of nonusers express any interest in them."

Awareness and reassurance are the keys to adoption, and providers can achieve this with the help of SEM campaigns. Consumers will be searching for answers to their mobile wallet questions. The most recent AudienceSCAN survey revealed 68% of Mobile Wallet Users took action based on sponsored search results in the past year.

Here’s how people prefer to pay, according to Forrester:

  • 62% — Debit or ATM card
  • 53% — Cash
  • 46% — Credit card
  • 15% — Digital wallet

"As in various other areas of technology-fueled behavioral change, security is an issue. Of those who have not used digital wallets, almost half (46%) cited security as the reason why."

AudienceSCAN data is available as part of a subscription to AdMall for Agencies, or with the SalesFuel API. Media companies can access AudienceSCAN data through the AudienceSCAN Reports in AdMall.

Courtney Huckabay
Courtney is the Editor for SalesFuel Today. She analyzes secondary customer research and our primary AudienceSCAN research. Courtney is a graduate of Middle Tennessee State University.