March 27, 2018
E-wallet adoption in the U.S. is set to rise, as is using digital assistants to make payments, according to a new report. Adoption of e-wallets in the U.S. has lagged behind that of many other countries, notably Asia. But, the 2017 TSYS Consumer Payment Study found that more than half of U.S. consumers are interested in using a mobile wallet instead of a payment card when checking out, an 11-percent increase from last year. The report focused on the use of e-wallets in stores rather than online, but as comfort with using a mobile device grows, wallet use online—where it can reduce friction at checkout—should increase as well.
Another finding of the study coincides with reports published this week that Google now enables users of Google Assistant to make P2P payments through the Google Home device. TSYS found that the interest in making such payments is high, though it did not distinguish between using the device to make purchases from merchants and making P2P payments. Of the 26 percent of those polled who reported owning a digital home assistant like the Amazon Echo or Google Home, 60 percent said they would use it to make purchases or payments, if available. For younger consumers (ages 25 to 44), that figure increases to 76 percent.
“Our latest study confirms that consumers are ready for change and adapting to the ever-evolving payments industry as new solutions are introduced,” said Allen Pettis, executive vice president and chief customer officer for Issuer Solutions at TSYS. “Because of this, retailers and payments providers can continue reimagining the digital purchase experience for consumers.”