Marqeta: 2022 Consumer Money Flow Report

199IT original compilation

COVID-19 and heightened focus on healthcare have driven a surge in the adoption of mobile wallets and contactless payments, with 75% of consumers globally saying they have used a mobile wallet in the past 12 months.

While the United States is slightly below the global average (71%), adoption is higher than the previous year (64% in 2020). Australian consumers lead the way in mobile wallet adoption, with 83% of respondents having used a mobile wallet in the past 12 months, followed by the United Kingdom (77%).

As consumers gain trust in mobile wallets, they feel more confident about leaving their wallets at home.

Gone are the days of having to rush home to get your wallet or face being stranded if you forget it. Marqeta’s research shows that due to the rapid growth of trust in mobile wallets, 61% of consumers say they are confident enough in contactless payments to leave their wallet at home and pick up their phone to pay.

Consumers don’t always add their cards to mobile wallets, complicating the wallet vs. mobile wallet battle.

While digital wallet usage may be becoming ingrained in consumer behavior, Marqeta’s survey shows that consumers don’t automatically add every card they own to their wallet. 81% of respondents said they find adding cards to their mobile wallet an easy process. Despite this, only 63% of respondents said they automatically add new debit or credit cards to their mobile wallet. It’s not that their wallets are bursting at the seams, but that they simply don’t have the capacity or energy to add more. 61% of consumers said they only have 1-2 cards linked to their mobile wallet.

199IT.com Originally compiled from: Marqeta. Please do not reprint without authorization