Data Snacks, Member Exclusive

Data Snack: Most consumers trust mobile wallets enough to leave their physical wallets at home

  • Mobile wallets and contactless payments continue to gain adoption even as the pandemic’s effects subside globally.
  • Most consumers in the US, UK, and Australia now trust mobile wallets enough to leave their physical wallets at home, according to a recent Marqeta report.
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Data Snack: Most consumers trust mobile wallets enough to leave their physical wallets at home

What happens when the “new normal” becomes just plain normal? Two years ago, shifts in consumer payment behavior that were considered radical are now increasingly being considered table stakes. Following a major surge in adoption caused by the pandemic, contactless payments and mobile wallets have continued to gain market share even as the pandemic’s effects subside globally.

According to Marqeta’s recent State of Consumer Money Movement Report, 75% of people surveyed across the US, UK, and Australia used a mobile wallet in the last 12 months. While the US is slightly behind the overall average at 71%, adoption among Americans is up considerably from 64% in late 2020.

The vast majority of respondents – including 85% of Americans – also rated mobile wallets as a convenient option for making purchases.

As consumers grow trust in mobile wallets, 61% now say they feel confident enough to leave their physical wallet at home and simply carry their smartphone with them.

 


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