54% of Wallet Users Keep Just One Payment Method Saved

For retailers, this data highlights a 'winner-take-all' dynamic at the point of sale. Over half of mobile wallet users (54%) only store a single payment method in their digital wallet. This means the decision of how to pay is often made long before the customer reaches your checkout counter. If your preferred financing option or store card isn't already the 'default' in their Apple Pay or Google Wallet, you face a significant barrier to conversion. Shoppers are increasingly favoring convenience over choice during the actual transaction. They are moving away from flipping through physical or digital cards and sticking to one reliable method. For merchants, this emphasizes the need to get your financing products integrated into these wallets early in the customer journey. If a customer hasn't saved your branded credit or BNPL option as their primary mobile payment method, the chances of them selecting it at checkout are dropping. You must focus on 'top-of-wallet' status to ensure your specific financing tools are actually being used by mobile-first shoppers.

Source: PYMNTS

← Return to the library· Submit a correction