Covid-19 and all of its variants enticed more and more consumers to use their phones (i.e. Digital Wallets) than ever before. As studies came out suggesting that the virus can live on paper currency up to 28 days, consumers switch to using Card Tap and other contactless payments faster than anyone could have predicted.

FiServ did a study in August of 3,000 US adults and found that 68% had used a digital wallet for payments at retail stores and restaurants. This is 10% growth from 2020 and more than 50% from 2019 from other studies FiServ had done.

While the US has lagged from the adoption of digital wallets compared to other countries, it will soon match those companies within the next year or two. In fact, many predict that digital wallet transactions will surpass traditional card swipe transactions at the end of this year.

Large retailers such as Walmart have introduced their own digital payment apps allowing customers to scan a QR code at check out to pay. These payment apps for retailers will only grow, as it will allow these businesses to track customers spending habits and tailor Ads to those individual customers.

The industry knew digital wallets were the future, but due to a virus the future has become today.

https://www.linkedin.com/pulse/watch-digital-wallets-explode-2022-/?published=t