Universal mobile wallets are used by 60% of consumers worldwide

As more people realise the security benefits and convenience, digital transactions including mobile wallet payments are continuing to increase at a dramatic rate. According to research published by Experian, 60% of consumers are currently using a universal mobile wallet to make digital payments, while 38% believe their online activity will increase in the next 12 months. 

Looking more closely at online transactions, the two leading activities among consumers are personal banking at 58%, and ordering food, both takeout and groceries, at 56%. 

These results come from a worldwide study in which Experian interviewed 3,000 consumers and 900 businesses around the world, including the United Kingdom, Australia, Brazil, France, Germany, India, Japan, Singapore, Spain and the United States. This report is the final part of a wide-ranging study that looked at how consumer behaviour and business strategy shifted during the Covid-19 pandemic. 

Also, over a third of businesses are increasing staff numbers and boosting support for digital operations and experience. This is important as the Experian report discovered there is still a pressing need to improve customer service online.

These findings show that consumer perception of the digital experience in terms of trust and convenience is on the rise, with old concerns about unreliable technology and privacy issues being managed effectively. “Both consumers and businesses have embraced the digital channel,” said Steve Wagner, global managing director of Decision Analytics for Experian. “What started as necessity has turned into a preference and a digital channel strategy simply isn’t enough. There needs to be a re-imagined customer journey that puts the consumer at the centre.”

The implications for business are clear. The digital experience needs to become a key factor going forward, and those companies who dismiss it risk being left behind as the world moves toward a digital future. Indeed, this study revealed that businesses are investing in digital. 9 out of 10 of the businesses looked at by the stuff currently have a strategy in place related to the digital customer journey, with nearly half implementing these plans since the start of the Covid-19 crisis. 

The next stage is for businesses to take advantage of the opportunities offered by mobile wallets. Customer desire exists and is growing rapidly, so it’s worth considering how your business can adopt this technology and keep at the forefront of your industry.