Digital wallet split: bill payment vs in-store payment

ACI - Digital Wallet Authorization: Secure Bill Payment Beyond the Point of Sale In-Store - November 2022 - Discover how consumers care about using mobile wallets for more than just in-store purchases and bill payments

ACI - Digital Wallet Authorization: Secure Bill Payment Beyond the Point of Sale In-Store - November 2022 - Discover how consumers care about using mobile wallets for more than just in-store purchases and bill payments

Contactless payment for point-of-sale (POS) purchases has retained its pandemic-enhanced popularity, and physical cards and NFC-enabled mobile devices allow consumers to simply and easily tap to pay in-store virtually. All retailers and restaurants.

While NFC enables these alternative payment methods on point of sale consoles, digital wallets are the backbone of mobile payments. whether Apple PayAnd the Google PayAnd the Samsung PayAnd the Amazon Pay or PayPal, the concept is the same. They provide secure storage and access to a consumer’s credit or debit card information for each transaction. Digital wallets also provide a convenient way to store loyalty and reward cards, transportation and event tickets, and driver’s licenses in a few US states.

Consumers are also drawn to digital wallets for bill payments, due to their ease of use and their ability to pay instantly and securely. PYMNTS research finds that consumers use mobile wallets at least 73% more often to pay bills and send money to others rather than in-store purchases. Even consumers who do not currently use mobile wallets to pay bills and transfer money are more interested in using mobile wallets for these reasons than they are with in-store purchases.

Digital wallet authorization: secure bill payment outside the point of sale in-store,” and PYMNTS and ACI all over the world Collaboration, examines the growing consumer interest in using mobile wallets for more than making in-store purchases at physical points of sale. We surveyed 2,059 consumers between August 18 and August 25 to explore their level of convenience and interest in using mobile wallets to manage their finances and store sensitive personal information.

More key findings of the study include:

Consumers are drawn to mobile wallets to pay bills for their ease of use and instant payment options. PYMNTS research finds that bill payment is the most used mobile wallet feature, with 50% of consumers using mobile wallets to pay bills in the last 12 months. Consumers use a bill payment on average six to seven days a month, and 51% consider it a very important feature of mobile wallets. Three out of four consumers use mobile wallets for speed and convenience, and 50% state that this is the most important reason for using mobile wallets to pay bills. Sixty-two percent are very or very satisfied with using mobile wallets to pay bills.

Consumers are very interested in using mobile wallets for other applications, such as storing ID cards, event tickets or virtual keys, and managing rewards and discounts. Among existing mobile wallet users, 67% of consumers who use mobile wallets for applications such as storing ID cards, event tickets or virtual keys are very interested or very interested in continuing to do so, while only 20% of users who do not use these The features are currently of great interest to be used in the next 12 months. Among those who manage rewards and discounts using mobile wallets, 65% are very or very interested in continuing to do so, while 24% of those who are not currently using the feature are very interested or very interested in using it in the future.

Consumers rely on mobile wallets to simplify and secure access to their financial and personal information. Consumers are interested in using mobile wallets now and in the future – not only for ease of use and convenience, but also for security. While 84% to 85% of consumers currently use mobile wallet features for ease of use and convenience, nearly 80% use mobile wallets to save time. Two-thirds of consumers use mobile wallets for security, with those very interested or very interested in mobile wallets in the next 12 months citing the security of their financial and personal information as a reason to use mobile wallets.

To find out more about consumers’ interest in using mobile wallets for more than just in-store purchases, Download the report.

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https://www.pymnts.com/news/investment-tracker/2022/paypal-earnings-and-outlook-lead-ce100-lower-as-payment-firms-face-slowdown/partial/

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