Digital wallet use sees rapid growth during the pandemic

Wednesday 30 June 2021 10:17 CET | News

One in five (20%) UK consumers used a digital wallet for the first time or started using one regularly in 2020, as research shows.
The study was conducted by international payment service provider and direct bank card acquirer ECOMMPAY. 

A further 38% of respondents also say they now have a digital wallet stored on their phone, increasing to almost half (46%) of those living in Greater London. The survey also showed that over two thirds (68%) of people use cash less frequently now compared to before the pandemic, indicating that there will be a definitive shift away from cash payments as lockdowns continue to ease.

The research comes as part of ECOMMPAY’s latest whitepaper: ‘The future of payments post-Brexit: what to consider to move with the times’, which considers the impact of Brexit and Covid-19 on trade in or with the UK, provides key data-driven recommendations and forecasts for online businesses, and shows how fintech innovations can simplify cross-border trading.

The research found that older generations are embracing new payment technologies more than ever before. One in five (21%) 45 to 54-year-olds have increased their digital wallet usage during the pandemic, while more than half (51%) of over 55s say they have used a digital wallet.

Younger people – 16% of whom said they only pay using digital wallets – also continued their move towards contactless payment methods, with 44% of Gen Z increasing their digital wallet usage during the pandemic. Demonstrating these new habits are set to stay, almost one-third (31%) of people said that the pandemic has changed their preferred payment method.

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Keywords: study, e-wallet, digital banking, digital payments
Categories: Banking & Fintech
Countries: United Kingdom
This article is part of category

Banking & Fintech

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