Digital wallets, such as Apple Pay, Google Pay, Amazon Pay, and PayPal, offer a contactless method for shopping and providing a secure way to shop and spend. With 79% of Generation Z consumers adopting this payment method, the use of digital wallets declines with each older generation, reaching a low of 26% among baby boomers and seniors. However, a PYMNTS Intelligence report reveals that digital wallet users spend up to one-third more than traditional payment options across all purchases. The average retail purchase among digital wallet users is $95, while non-digital wallet users spend about $81 per purchase. This higher spending is consistent across three categories: groceries, retail, and restaurant purchases. Travel trends are less distinct, but digital wallet users outspent nonusers on travel by 22% in the following month. This suggests that consumers divide big-ticket purchases more or less evenly across payment options.
Digital wallets, such as Apple Pay, Google Pay, Amazon Pay, and PayPal, offer a contactless method for shopping and providing a secure way to shop and spend. With 79% of Generation Z consumers adopting this payment method, the use of digital wallets declines with each older generation, reaching a low of 26% among baby boomers and seniors. However, a PYMNTS Intelligence report reveals that digital wallet users spend up to one-third more than traditional payment options across all purchases. The average retail purchase among digital wallet users is $95, while non-digital wallet users spend about $81 per purchase. This higher spending is consistent across three categories: groceries, retail, and restaurant purchases. Travel trends are less distinct, but digital wallet users outspent nonusers on travel by 22% in the following month. This suggests that consumers divide big-ticket purchases more or less evenly across payment options.