Download the report: Digital Wallets Beyond Financial Transactions: UK Edition
Digital wallets are growing in popularity among UK consumers – in fact, almost half (44%) of UK consumers expect to continue using these wallets to conduct financial transactions over the next three years.
But these tools have the potential to enable consumers to do much more than make payments. Many Gen Z and millennial consumers in the UK use them to store credentials like ID cards and event tickets. For example, data from PYMNTS Intelligence shows that 71% of UK users are very satisfied with their experience using digital wallets for purposes other than shopping. Other use cases for the technology include scanning boarding passes, loyalty cards, and storing hotel keys.
These are some of the findings detailed in “Digital Wallets Beyond Financial Transactions: UK Edition,” a joint study by PYMNTS Intelligence and Google Wallet. The report explores consumer perceptions and usage of digital wallets in the UK market over the past year and in the future. The report is based on insights from a survey of 2,362 consumers conducted between January 11 and February 5.
“Digital Wallets Beyond Financial Transactions: UK Edition” includes:
UK Gen Z and Millennial consumers are leading the way in using these wallets for non-transactional purposes. How many UK consumers use digital wallets to store non-payment credentials? Increasing use of these wallets for peer-to-peer transactions and splitting bills. Digital wallet use cases for travel and events in the UK. Why storing identity credentials is appealing to UK consumers, particularly Gen Z
These wallets have the potential to replace physical wallets for storing payment methods, ID, transport passes and event tickets. Download the report now to find out what UK consumers are saying about the future of digital wallets.
Read more: Consumer Finance, Consumer Payments, Digital Credentials, Digital Payments, Digital Wallets, Featured News, Google Wallet, News, PYMNTS Intelligence, PYMNTS News, PYMNTS Study, UK
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