STUDY: People Aren't Ready To Ditch Their Wallets Just Yet

mobile wallet, emarketer, chart


emarket, chart


With MasterCard, PayPal and Visa hopping aboard the digital wallet bandwagon, you’d think the service was going mainstream. For months, finance experts have been saying saying it was, but a new study might make them think twice. 

Catapult Marketing found only a quarter of US consumers have any interest in using a mobile wallet for in-store purchases, while 41 per cent voiced a complete lack of interest. 

The reason? It goes back to privacy. Clearly there’s the risk of mobile theft, and nearly three-quarters of respondents said they’re frightened by the prospect of having their identities stolen. (They have good reason—identity theft is a $37 billion crime that affects 1 in 25 Americans, according to YM contributor Justine Rivero.)

And while we’ve outlined the issues of drunk shopping and impulse buys, consumers still aren’t convinced of the wallets’ utility. 

According to Catapult, only 32 per cent of respondents said the wallets would be more convenient, while 28 per cent said they felt any coupons sent straight to their phone would help them save and shop smarter. 

Now check out the pros and cons of PayPal’s new digital wallet > 

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