Consumers Aren't Adopting Mobile Wallets, Even During the Pandemic
Updated: Apr 9
Retail Dive | April 7, 2020
According to a PYMNTS.com report, Apple Pay usage peaked in late 2017 and has declined to about 5.1% of eligible transactions. Only 3.3% of transactions were made using Walmart Pay in the period from early- to mid-March studied, a decline from 4.5% in 2019. Interestingly enough, this report was completed in the middle of the COVID-19 outbreak which, conversely, has many retailers turning to technology to give consumers safer alternatives for shopping in stores. However, it is clear that turn to technology still hasn't increased mobile wallet usage.
Regardless of the recent decline, a recent report from Blackhawk Network found that 68% of consumers would shop at a store more often if they could add cash to an app or digital wallet while in store, suggesting there may be an opportunity for mobile wallets in the long term.