Digital Wallets are Here to Stay

According to new research from IDC, 72 percent of consumers currently have a digital wallet account. What is a digital wallet? A digital wallet is simply an app that stores credit, debit, and banking information so that purchases and e–payments can be with a mobile device or online.

There are many digital wallets available on the market today and InvoiceCloud supports the three most widely used digital wallets. So, you have the ability to accept payments through Apple Pay®, Google Pay™ or PayPal (including Venmo).

Why payers prefer digital wallets

Digital wallets can be used to pay online, via a mobile device or in stores.
Multiple payment options (credit, debit, echeck/ACH) are stored in one place.
Faster payments, no need to re-enter payment information.
Peer-To-Peer (P2P) payments send money to friends, family, co-workers and roommates.
Digital wallets provide security features that keep the stored information safe.
Combining QR Codes and digital wallets makes paying lighting fast.
Cash can be added and stored on a digital wallet with or without a bank account.
Many digital wallets can hold coupons or loyalty cards.
Train and bus tickets can be stored in a digital wallet.

Based on the PaymentsSource “Future of Money” study, mobile wallet usage among Gen Z and millennials tripled in less than a year and more than doubled among Gen X adults. Gen Z went from 3% mobile wallet usage as a primary payment method in February 2020 to 9% in November 2020, and millennials went from 2% to 7% in the same time period.