Younger Generations Drive Digital Wallet Adoption
Younger generation most likely to embrace digital payments online and in-store
More than half of UK consumers (54%) now say they often or always use digital wallets to pay for goods online. This is according to a survey of 2,000 UK adults commissioned by digital payments experts Skrill.
More Than Half Of UK Consumers Now Regularly Using Digital Wallets
Generational Gap in Digital Payment Usage
More than one in ten 18-24 year olds (14%) now use digital wallets for every purchase they make online. However, a generational gap is forming with over a third (37%) of those aged 55 and above admitting to never having used a digital wallet to pay for goods and services online.
Changing Payment Habits Transform Shopping
Changing payment habits are having a significant impact on how people shop, with just 4% of people saying they have never bought a product or service online. Yet the influence of technology is not confined to shopping online. When 18-24 year olds shop on the high street, one in five (17%) now pay for goods or services in-store with a mobile device, contactless reader, text service or a sensor that determines their location via their phone. This compared to only 2% of people aged 55 and over.
Business Response to Evolving Payment Trends
Chantal Willis, VP eCommerce, Skrill commented: “Payment behaviour is one of the fastest changing trends in business today. The challenge for businesses, whether online or on the high street, is catering for contrasting segments of the market. While high street stores generally stick to tried and tested payment methods, online businesses have begun to embrace emerging payment methods to make sure they are not missing out on crucial sales.”
