Mobile Payments and E-Wallets
A prevalent prediction for 2018 was a rising popularity of mobile payments and e-wallets. Mobile payments have indeed risen to an all-time high: during the whole period around Black Friday and Cyber Monday for example, around 66% of all ecommerce sales in North America have been done through a mobile device, whereas back in 2017, mobile only exceeded desktop on some peak days.
Although mobile payments have proven themselves to be a force to be reckoned with, the adoption and usage of mobile wallets have not lived up to their expectations. According to a recent survey from The Financial Brand, 71% of consumers prefer paying with either credit or debit card, which now often offer contactless options as well, whereas only 1% listed mobile-wallets as their favorite way of paying.
PYMNTS.com reports that, in the US, Apple Pay has been used at least once by 29.4% of all iPhone users, whereas Android Pay reached even less with 13.3% for all Android users. The consumer tends to stay with their already established payment methods and is reluctant to adopt a new one without any obvious incentive.