What’s in a Digital Wallet? More than Card Info, Many Say

But digital wallet use is still far from a majority behavior

Author: Monica Melton

June 14, 2017

Digital wallet use remains relatively uncommon among the general population, but among young people and the wealthy, usage is much more likely.

Only 8% of US banking customers had used digital wallets in 2014. This climbed to 11% in 2015. Last year, 15% of banking customers reported using digital wallets, according to a new study from Fiserv, a financial IT provider. 

By contrast, more than twice as many millennials (32%) and those with a high net worth (33%) had used digital wallets.

Unsurprisingly, the study found that millennials were considerably more likely than older people to use mobile financial services in general. For instance, more than half of millennials (54%) used mobile bill pay, vs. 18% of respondents ages 37 and older.

For those who use digital wallets, the contents of the wallets are not limited to credit cards.

To be sure, payment card information is the most common item. About half (45%) of respondents had stored credit card information in the past year. Slightly fewer (41%) stored their debit card information, while 37% opted to store information from gift cards.