Well, another brilliant idea goes out the window. With plans to hack into people’s digital wallets and grab cash what could go wrong? Well, first almost nobody uses them AND they are super safe. Oh drat! Mobile wallets are the future but most people (like, almost everybody) still rely on their credit cards. Paypal’s Venmo &Zelle are being accepted by millennials but Apple Pay and Google Pay have been slow to catch on. Why? According to Experian “older” portions of the population just don’t totally trust the apps even though the technology is getting better and better all the time. Experian also notes that people aren’t using the wallet to their fullest advantage. Of course that’s why newer generations will create the most new acceptance since they will “grow up” with digital wallets as THE only way to pay for things. Change and acceptance happens, it just takes time.
(Bill Taylor/Managing Editor)
- “Digital payments, through apps like Apple Pay, Venmo and Zelle, are faster, easier and generally more secure than some traditional payment methods.
- Still, more than half of all consumers are sticking with credit cards because they just don’t trust their mobile wallet.
Mobile wallets are clearly the wave of the future. Yet there’s a major obstacle standing in the way.
Digital payments grew to about $721 billion in 2017, according to Experian. But because of the long-standing reliance on credit cards, mobile payment methods like Apple Pay and Google Pay are being adopted at a slower rate in the U.S.
Spending by American consumers just cracked $1,000, on average, for the first time last year according to eMarketer research.
Naturally, phone-friendly millennials are paving the way with peer-to-peer payment apps like Zelle and Paypal’s Venmo, which let users store their banking information on their smartphone so they can make electronic purchases.
More than 1 in 10 millennials use their digital wallet for every purchase, Experian said (especially food, rent and Uber rides). It’s everyone else that’s dragging their feet…”