NEW YORK—Digital wallets are “wildly popular” with Generation Z consumers, with 79% regularly using digital wallets, a new study shows.
Only about 26% of Baby Boomers and seniors share that enthusiasm, according to the report, Tracking the Digital Payments Takeover: Can New Use Cases Drive Consumer Use of Digital Wallets?, Pymnts.com reported.
In between, digital wallet usage varies: 44% of Generation X shoppers are fans; so are 63% of bridge Millennials and 67% of Millennials, the report found.
According to the findings, the “popularity of digital wallets follows a predictable path when different age groups are asked about payment innovations: the younger the respondent, the greater the likelihood that they will be embrace the tool. What may be more surprising are the reasons consumers decline using the technology,” Pymnts.com said.
Preference for Physical Cards
“For starters, around 30% of respondents say their preference is to carry physical cards and documents — driver’s licenses, passports, event tickets and so on. This leads to other reasons mentioned in the survey, even though not needing to carry around these credentials is a major selling point of digital wallets in the first place,” Pymnts.com said.
Security concerns are the next-most cited reason, accounting for 23% of digital wallet naysayers. Next come the 12% who are simply uncomfortable relying on a single platform to manage all their information, Pymnts.com reported.
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