Report: Digital Wallet Usage Increased 20% From 2014 to 2015

Citi Retail Services has released new data highlighting the increase in usage of digital wallets from 2014 to 2015.

Digital wallet usage increased by 20 percent from 2014 to 2015, according to new data from Citi Retail Services.

The results from two ‘Let’s Get Digital’ surveys of U.S. consumers (one from January 2014 and the other from December 2015 to January 2016) showed 55 percent of respondents in the 2015 survey had used a digital wallet to make a purchase with their smartphone, up from 35 percent of respondents in 2014.

In the 2015 survey, when non-users were asked why they have not used a digital wallet product to make a purchase, 47 percent of these users said it was easier to pay with another form of payment, such as cash or a credit card. This is up from 41 percent of respondents in 2014. In addition, 45 percent of users said they didn’t see the benefit of using a digital wallet, which is an increase of 10 percent from 2014.

Other reasons include a concern over the security of payments (45 percent in 2015, down from 52 percent in 2014), and a lack of knowledge about digital wallet tools (44 percent in 2015, up from 42 percent in 2014).

Of these non-users, 66 percent said they ‘could be convinced’ to use a digital wallet in their everyday lives, if they were educated about the benefits.

In a statement, Leslie McNamara, managing director of partner management at Citi Retail Services, commented:

Digital wallets are quickly becoming mainstream. Tech-savvy shoppers are increasingly demanding seamless, omni-channel retail experiences and looking for solutions that deliver this. There’s no question 2016 will be a pivotal year as digital wallets gain more widespread acceptance.

Readers: Have you ever used a digital wallet to make a purchase?

Image courtesy of Samsung.