Infographic: Who uses digital wallets, and for what
For now, they're the province of young urbanites with high incomes
By Sabrina Karl | Published: June 20, 2017
Data whiz and visual storyteller
The use of digital wallets may not be rising as fast as some predicted, but it’s growing surely and steadily, with some groups of consumers clearly leading the charge.
According to a November 2016 survey by Fiserv, a provider of financial services technology, about 15 percent of Americans have used a digital wallet within the past 12 months. That’s compared to 11 percent last year and 8 percent the year before. It’s a trend line that somewhat mirrors the early years of online banking, reports Fiserv.
Three consumer groups stand out as having adopted digital wallets at about twice the rate of average Americans. One-third of high net worth individuals indicated they’ve used the new payment technology, as has a similar proportion (32 percent) of millennials. Urban consumers were another breakout group showing high adoption of digital wallets, at 28 percent.
As for what’s going into those digital wallets, credit cards are the top item, reported by 45 percent of those who use digital wallets. Debit cards follow closely behind at 41 percent, and gift cards at 37 percent. Beyond payment cards, shopping loyalty cards and coupons are among the top five digital wallet items, at 30 percent and 28 percent, respectively.
Fiserv conducted its online survey with Harris Poll in November 2016, interviewing over 3,000 U.S. adults age 18 or older who have a checking account and have used the checking account to pay a bill or make a purchase. The results were then weighted to match the demographics of the U.S. population, with findings released in April 2017.
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