Member Exclusive, Payments

Payments Briefing: How digital wallets fared over the last year

  • This week, we take a look at how digital wallets have performed among US consumers over the past year.
  • We also discuss why credit cards are earning higher satisfaction scores, but still struggling to keep competitors like BNPL, debit cards, and cash at bay.
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Payments Briefing: How digital wallets fared over the last year

Consumers in the US – as well as many countries around the world – have experienced half a year of historic inflation. This is affecting their financial well-being, slowing progress toward their financial goals, and impacting how they interact with payments providers.

According to a recent report by Morning Consult, American consumers with annual household income ranging from less than $50,000 to $100,000 are all in a worse financial position compared to a year ago due to record inflation levels.

Consumers in the US – as well as many countries around the world – have experienced half a year of historic inflation. This is affecting their financial well-being, slowing progress toward their financial goals, and impacting how they interact with payments providers.

According to a recent report by Morning Consult, American consumers with annual household income ranging from less than $50,000 to $100,000 are all in a worse financial position compared to a year ago due to record inflation levels.

How is this affecting consumers’ use of different payment options? The research finds that digital wallet apps such as PayPal’s Venmo and Square’s Cash App are faring well despite an overall decline in spending. Consumers continue to rely on and trust digital wallets and the brands that offer them, challenging traditional providers.


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