Digital wallets set to move beyond payments & become ‘super wallets’
Consumers are starting to take to digital wallets in a bigger way as technology makes it possible to add digital ID, investments and even cryptocurrency to them. Not all consumers want to put their whole life into a mobile device, but it's a trend that could diminish banks' role.
If a growing chorus of predictions holds, 2022 may go down as the year that use of digital wallets became a majority practice in the U.S. and globally.
It may also be the year that banks see their strategic role shrink in the ongoing development of a digital economy.
Digital Wallet Transactions Appeal to Wider Consumer Base
Digital wallet usage has been gathering speed in recent years. Fiserv’s “Expectations & Experiences” consumer trends survey found that in 2021 almost seven out of ten consumers (68%) had used a digital wallet in the past 12 months, besting 2020’s 58% and 2019’s 51%.
A global study by FIS found that digital wallets accounted for 48.6% of e-commerce transaction value in 2021 — representing a bit over $2.5 trillion. The company projects that this will continue to increase to 52.5% in transaction value in 2025.
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