VIDEO: Why aren’t more people using digital wallets?
As major online superpowers such as Google, Facebook and Amazon continue to grow in size and influence, the concept of handling our payments becomes more and more appealing to them.
To achieve this, many of these entities are creating their own digital wallets, where consumers can store and spend money online.
However, despite their best efforts, a recent US survey by Thrive Analytics found the vast majority of consumers still aren’t using digital wallets.
Although an impressive 78 per cent of respondents said they are aware of digital wallets, the study found that only 32 per cent have ever used them.
A major reason behind this reluctance is that consumers still don’t feel as though their money is totally safe, but the study also revealed that many people just don’t see the value they offer.
But while the internet’s big beasts still have some work to do, you can be sure that digital wallets will be one of the major online battlegrounds in the coming years.