Retailers should boost digital wallet use says survey

Retailers should consider boosting in-store sales via special digtial wallet promotions says a new survey.

It also revealed that the use of digital wallets is on the rise.

Special promotions via digital wallets not only boost sales, but help spread their use.

The survey shows that in-store digital wallet purchases rose 9% across the globe in Q2 2022. The survey likens the move to people accepting credit cards as a mean of payment in the 1950s.

The countries which saw the biggest rise in the use of in-store digtial wallet purchases over the last three months were Brazil, Japan and the UK.

In the US, the survey found digital wallets to be the most popular alternate purchasing method for shoppers. Of the 59% of shoppers who tried a new payment method, their first choice was a digital wallet, with ease of use being the main reason for their popularity.

Credit-card focused promotions should be copied by retailers for their digital wallets concluded the survey. This might be point-of-sale material, or retailers building their own applications to promote loyalty programmes.

Media platform PYMNTS surveyed 11 countries in “How the World Does Digital: The Impact of Payments on Digital Transformation.”