Consumer appetite for digital wallets growing in Europe

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New research from Aimia reveals that consumer appetite for digital wallets in Europe is growing.

The findings show almost a third (31%) of Europeans say they are likely to use a digital wallet on their mobile device, which is a 5% increase on the previous year.

Italy is leading the way, with nearly half (47%) of consumers likely to use digital wallets, followed closely by Spain (35%). Uptake is lowest in Germany (19%) and France (22%), with both markets having seen little movement in attitudes since a year ago.  The UK sits firmly in the middle with just under a third (29%) of people saying they are likely to use digital wallets.

HOW ARE MOBILE PAYMENTS DOING

Aimia’s research reveals consumers are most likely to use the wallets to store coupons/vouchers (65%); to store loyalty cards (63%); and to make cashless payments (56%).

But not everyone is convinced. For some, reservations around data security prevent them from truly embracing digital wallet technology. Over a third (38%) of consumers in Europe cite concerns about data security as the reason why they are not likely to use a digital wallet in the future.

Reasons for not using digital wallet

“Over the past year we have seen the digital wallets market grow from strength to strength. It is clear digital payments will play an important role in the way consumers go about their daily shopping habits, impacting the future retail landscape across Europe,” says Marc Allsop, Senior Vice President and Head of Global Business Development at Aimia.

“However, we still have work to do before digital wallets will become a universal method of payment.  Some customers still question the reliability and security of the technology and payment providers need to work hard to improve customer confidence. Only then will digital payments truly become part of everyday shopping behaviour.”

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