Company Spotlight

Why Don’t Consumers Love Mobile Wallets?

Mobile wallets are convenient, but apparently not that convenient, consumers say. While more and more of them are choosing among a growing selection of mobile wallet apps, a recent TSYS study indicates that consumers are still hesitant to completely chuck their physical cards and physical wallets. Find out the why and what has to be done to get them to give them both the old heave-ho in order to move to a digital world.

Surprise, surprise. NOT. Consumers want more than just the ability to pay for things using their mobile wallets.

Of the 500 consumers surveyed in a recent TSYS mobile wallets study, the top three ranking contents of today’s physical wallet were the driver’s license, payments cards, and insurance cards, in that order. So in order to fully make the switch and ditch the physical wallet, these essential components need to be added to the mobile wallet. In fact, 47 percent of consumers surveyed said that they would use mobile wallets more if they contained everything in their physical wallet.

It all boils down to one word: convenience.

Of those surveyed, 55 percent said they would like their driver’s license, the number one content of their physical wallet for more than half, to also be added to their mobile wallets. Delving deeper into what exactly is enticing these consumers to use mobile wallets, the study split consumers into the following age groups: 1) 18-24 years, 2) 25-34 years, 3) 35-44 years, 4) 45-54 years, 5) 55-64 years, and 6) 65 and older. When asked if they would use mobile wallets more if offered everything in their physical wallet, 47 percent said yes, and 37 percent said they would leave their physical wallet home for a day. Then, when asked if they would store their driver’s license on a mobile device if accepted as a legal ID, 52 percent said yes. Most of those who responded “yes” to these questions were between the ages of 18 and 44.

So what is it that is enticing these consumers to hold back in using solely mobile wallets? Is it the lack of broader, full-wallet capabilities, or the inability to use a mobile wallet as an ID?

To expand and download this TSYS infographic Click Here.

Mobile Wallet Info Graphic_New_2_26_14

To expand and download this TSYS infographic Click Here.

 

 

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NEW PYMNTS DATA: HOW WE SHOP – SEPTEMBER 2020 

The How We Shop Report, a PYMNTS collaboration with PayPal, aims to understand how consumers of all ages and incomes are shifting to shopping and paying online in the midst of the COVID-19 pandemic. Our research builds on a series of studies conducted since March, surveying more than 16,000 consumers on how their shopping habits and payments preferences are changing as the crisis continues. This report focuses on our latest survey of 2,163 respondents and examines how their increased appetite for online commerce and digital touchless methods, such as QR codes, contactless cards and digital wallets, is poised to shape the post-pandemic economy.

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