Despite their introduction nearly three decades ago, digital wallets only see about 48% adoption among U.S. consumers, indicating a plateauing interest in the technology.
Sean Gelles noted that speed and convenience have not motivated consumers to adopt digital wallets, as many remain unaware of their benefits, reflecting stagnant growth in usage.
Security concerns persist among consumers, with a third fearing digital wallets. Gelles emphasized the importance of education regarding the safety features like encryption that protect users' data.
The fragmented U.S. payments market lacks a universal wallet that works seamlessly across channels. This complexity contributes to the slow adoption rates among both consumers and merchants.
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