Big Spenders: GenZ Spend More When Using Digital Wallets
By 2027, digital wallets are projected to surpass debit cards in transaction volume at physical points of sale, according to a recent Worldpay report. The report highlights that 53% of Americans currently use digital wallets, and these are expected to account for nearly half of all global point-of-sale (POS) transactions by the end of the decade. The value of transactions via digital wallets is forecasted to double from 15% to 31%, while the value of debit card transactions is anticipated to decline from 28% to 23% over the same period.
Top 5 Highlights from the Report
Digital Wallet Usage at POS surged 36% in 2023.
Wallet users spend 31% more than those using other payments.
51% of millennials spend more when using digital wallets.
Digital Wallets will overtake debit cards at POS by 2027.
Digital Wallets are the most secure payment method.
Access the worldpay report here
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