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Data for today’s episode is provided by Mercator Advisory Group’s Report: A Functional Taxonomy of Digital Wallets: Today’s Version, Tomorrow’s Direction
Over One in Four Smartphone Owners Used a Universal Wallet in 2020:
- 28% of over 2,800 surveyed consumers used a universal wallet for an in-store purchase in 2020, up from 20% in 2018.
- Apple Pay was the leading choice, with 14% of surveyed consumers using it in 2020.
- In second was Google Pay, with 7% of consumers using it in 2020.
- Third was Samsung Pay, with 6% of consumers using it in 2020.
- 28% of smartphone owners used a universal wallet for an online purchase in 2020, up from 18% in 2018.
- For online purchases, Samsung Pay was the leading universal wallet, with 10% of consumers using it in 2020.
- Apple Pay came in second (8%) and Google Pay in third (5%) for purchases made online.
About Report
Mercator Advisory Group has been measuring consumer adoption of digital wallets for a decade. The questionnaires become more complex every year as new features and functions are added and new suppliers appear. Today there are wallets to support global card networks, national card networks, multiple merchants and single merchants. Some have added loyalty programs, others support ticketing and still others are adding support for car keys. There are also e-commerce buttons that act as wallets and merchant wallets that are adding financial services. Mercator Advisory Group’s latest research report, A Functional Taxonomy of Digital Wallets: Today’s Version, Tomorrow’s Direction, delivers a review of all the major digital wallets using a single consistent taxonomy to enable a more effective competitive evaluation of the feature/functions each wallet supports. This in turn suggests the key development and market direction being pursued by each wallet supplier.
“It is interesting to witness the expansion of wallets into new markets, from authentication to access control. Yet when one takes a step back, one doesn’t perceive these solutions staying focused on the payments market. They need to offer more benefits to win over banks, merchants and consumers,” comments Tim Sloane, Director, Emerging Technologies Advisory Service at Mercator Advisory Group and the author of the report.