Study Reveals Projected Surge of Digital Wallet Usage Over Debit Cards in Physical Retail

Wednesday, 17 July 2024, 17:52

The upcoming dominance of digital wallets over debit cards for in-store payments by 2027 is highlighted in a recent study. Despite being the fastest-growing payment method in the U.S., a mere 57% of small businesses currently provide digital wallet options to customers. This trend signals a significant shift in consumer payment preferences, driving businesses to adapt to the evolving landscape.

Pymnts — Study Reveals Projected Surge of Digital Wallet Usage Over Debit Cards in Physical Retail

Study Details:

The study projects a noteworthy surge in the utilization of digital wallets compared to debit cards for in-store transactions by 2027.

Key Points:

Digital wallets are set to eclipse debit cards as the preferred in-store payment method.
Only 57% of small businesses currently support digital wallet payments for customers.
This shift underscores the changing dynamics of consumer payment behavior.

Conclusion:

With digital wallets on track to surpass debit cards for in-store payments, businesses need to prioritize adapting to this emerging payment trend to meet customer expectations.

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.

Study Details:

Key Points:

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