Digital wallet adoption is increasing in the US, but some common tasks such as making a payment or receiving money are actually becoming less common among users of such services, per September 2015 data.
According to global customer insight company Market Force Information, in 2015, just 12% of internet users who were also banking customers used a digital wallet. But that small share was nearly double the rate Market Force Information found in 2014, of 7%.
Among that group, half said this year that they made a payment using their digital wallet—that’s down 5 percentage points from 2014. Similarly, fewer respondents with digital wallets used them to receive money than the year before.
On the other hand, tasks such as storing a loyalty card and using a “tap and pay” method to pay with their phone increased. For example, in 2014, one-third of respondents said they stored a loyalty card using their digital wallet. By 2015, that increased by 9 percentage points.
While the survey found digital wallet adoption had increased substantially year over year, other findings suggest mobile wallet adoption in particular is growing more slowly. This halting adoption of mobile wallets may be due to several factors: security, ease of use, or perhaps consumers feel there’s just no incentive to using a one. April 2015 data from Chadwick Martin Bailey revealed that while mobile wallet usage among US smartphone owners did increase from 2013 to 2015—from 9% to 15%—a majority of respondents still said they have not used a mobile wallet and don’t plan to.