Digital wallet makes up 16% of online purchases
The post Digital wallet makes up 16% of online purchases appeared on BitcoinEthereumNews.com. Homepage > News > Finance > Digital wallet makes up 16% of online purchases A new report has highlighted a growing trend among users of e-commerce platforms amid rising digital wallet adoption since the start of 2023. The report, compiled by PYMNTS Intelligence, revealed that e-commerce adoption appears even among several age demographics. Dubbed ‘eCommerce for All: How Consumers Across Generations Make Purchases Online,’ the report disclosed that the similarities across age groups are primarily evident in retail and travel sectors. Leaning on the responses of 2,722 consumers across the U.S., PYMNTS Intelligence analysts reveal that despite the perceived equality across age groups, there are still noticeable differences. The report noted that younger millennials and Gen Zs are more likely to spend on restaurant meals, while older age groups spend a significant part of their earnings on groceries. Across the board, the report also notes significant disparities in the payment method preferences among age groups. In brick-and-mortar stores, there is a consistent preference for debit cards for payments, while respondents indicate an affinity for credit cards and digital wallets. While digital wallets have found the highest adoption rates among Gen X and millennials, older adults are warming up to the offering. The PYMNTS Intelligence report reveals that digital wallets make up an impressive 16% of online payments across several age demographics. However, credit cards sit in pole position in terms of online payment preferences among respondents. 38% of respondents disclosed that they used credit cards for their last online purchase, with a majority citing security and ease as a reason for their choice. Furthermore, the report disclosed that online shoppers are more likely to turn to Amazon (NASDAQ: AMZN) than other e-commerce platforms. In terms of brick-and-mortar outlets, Walmart (NASDAQ: WMT) is leading its peers in the U.S., dominating physical…
The post Digital wallet makes up 16% of online purchases appeared on BitcoinEthereumNews.com.
Homepage > News > Finance > Digital wallet makes up 16% of online purchases A new report has highlighted a growing trend among users of e-commerce platforms amid rising digital wallet adoption since the start of 2023. The report, compiled by PYMNTS Intelligence, revealed that e-commerce adoption appears even among several age demographics. Dubbed ‘eCommerce for All: How Consumers Across Generations Make Purchases Online,’ the report disclosed that the similarities across age groups are primarily evident in retail and travel sectors. Leaning on the responses of 2,722 consumers across the U.S., PYMNTS Intelligence analysts reveal that despite the perceived equality across age groups, there are still noticeable differences. The report noted that younger millennials and Gen Zs are more likely to spend on restaurant meals, while older age groups spend a significant part of their earnings on groceries. Across the board, the report also notes significant disparities in the payment method preferences among age groups. In brick-and-mortar stores, there is a consistent preference for debit cards for payments, while respondents indicate an affinity for credit cards and digital wallets. While digital wallets have found the highest adoption rates among Gen X and millennials, older adults are warming up to the offering. The PYMNTS Intelligence report reveals that digital wallets make up an impressive 16% of online payments across several age demographics. However, credit cards sit in pole position in terms of online payment preferences among respondents. 38% of respondents disclosed that they used credit cards for their last online purchase, with a majority citing security and ease as a reason for their choice. Furthermore, the report disclosed that online shoppers are more likely to turn to Amazon (NASDAQ: AMZN) than other e-commerce platforms. In terms of brick-and-mortar outlets, Walmart (NASDAQ: WMT) is leading its peers in the U.S., dominating physical…
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