The idea of digital wallets has been around since 1997, continuing to evolve into the payment and information storing option we know today. But just how prevalent is digital wallet usage in 2024?
The answer is: very prevalent. In fact, an August 2023 study from Forbes Advisor reported that 53% of people surveyed said they use digital wallets (like PayPal, Apple Pay, and Google Pay) more often than traditional payment methods, like paying with cash or swiping a physical card.
Even more alarming is that a whopping 51% of people surveyed said they would stop shopping with a merchant that doesn’t accept payments from digital wallets. (To get specific: 78% of Gen Zers [those born between 1997 and 2012], 55% of Millennials [those born between 1981 and 1996], and 52% of Gen Xers [those born between 1965 and 1980] reported that they have already stopped shopping at merchants that only accept traditional payment methods. Gulp!)
When looking at the data for the age ranges of digital wallet usage in general, the popularity of the technology follows a predictable path: the younger the respondent, the more likely they are to embrace the latest payment innovation, according to a February 2024 survey released by PYMNTS Intelligence. But to us, the most intriguing tidbit of information was that while it's true a whopping 79% of Gen Zers and 67% of Millennials are regularly using digital wallets, so are Gen Xers (those born between 1965 and 1980) and Baby Boomers (those born between 1946 and 1964).
While these statistics may seem intimidating if you don't currently offer payment via digital wallet, never fear! The UWashApp is here. We’ve already designed the app to accept the most popular digital wallet app options, providing your customers a convenient and easy way to pay however they choose. Offering an app experience also naturally attracts the Millennial and Gen Z audience your business needs to target, and provides customers of all ages the benefits they’ve come to expect in their modern shopping experience.
Offering digital wallet payment technology is no longer just a nice option for your customers to have: it’s an absolute necessity. Call 651-661-9710 today to get on board!