Over the past 8 years, digital wallets or mobile wallets have become a leading online payment method in North America. A 2023 FIS (Fidelity Information Services) Global Payments Report says that the use of digital wallets (Apps) by consumers in the United States and Canada has gone from 14 percent in 2014 to 32 percent in 2022. They predict that by 2026, digital wallets will make up 41 percent of all ecommerce transactions and 16 percent of POS transaction in those countries. Merchant Processing Solutions includes these digital/mobile wallets apps in their payment solutions!
In the United States, digital wallets are widely used for Ecommerce purchases (32%). While Credit Card payments to Ecommerce sites is 30% and using Debit Cards for online purchases trails at 20%. In 2022, Digital wallets made up 12 percent of the total U.S. POS transactions!
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| Digital/Mobile Wallet Apps |
Today, about two-thirds of American adults use digital wallets to make purchases showing the global shift in payment habits. These are the main mobile Apps being used!
- PayPal
- Venmo
- Cash App
- Google Pay
- Apple Pay
Interestingly enough, 31% of Americans surveyed, said they funded their wallets with Credit Cards; 33 percent said they used Debit Cards to fund their digital wallets. Which type of cards a consumer can attach to their wallet app depends on the app.
Based on this information, merchants need to make sure that they are ready and able to take digital/mobile wallet payments both online and in-person via terminals/POS Software. It would be bad business for a merchant NOT to accept these types of payments that NOW make up 32% of all sales in the United States and Canada!
Unsure how to get set up to take digital/mobile Apps? Call Merchant Processing Solutions today, we can help!
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