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smartphone users are expected to use their mobile devices to make payments by 2025. Customers can access their mobile wallets through secure, encrypted apps and use them to pay for goods and services with digital versions of their cards.Īccording to a recent eMarketer report, approximately 50% of U.S. These historically physical cards are saved to a mobile wallet which acts just like a physical wallet in digital form. Mobile wallets are ways to digitally store credit, debit, and identification cards, among others. Here is what you need to know if you’re interested in accommodating mobile wallet shoppers at your business. Eighty percent of the people surveyed in the 35 to 50-year-old range used mobile wallets in 2020, up 39% from 2019. The increase in mobile wallet adoption goes beyond younger consumers. In a recent survey, 90% of those surveyed expect to use digital wallets as frequently post COVID-19 as they do currently. Mobile wallet use has grown popular with consumers due to the ease of use, convenience, and security. For specific advice applicable to your business, please contact a professional. This article is for educational purposes and does not constitute legal, financial, or tax advice. What is a mobile wallet? How do customers use mobile wallets to pay? A new way to accept payments Tips and Tools to Retain Your Top Employeesġ0 Scientifically Proven Ways to Motivate Employees Robots in Restaurants? What Restauranteurs Need to Know About This Growing Trend

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