Digital Wallets Are A Big Deal

Dateline: Castlebridge, 23rd November 2024.Across the five countries covered in a global study carried out for Google — Brazil, France, Germany, the U.K. and the U.S. — most consumers say they are familiar with the digital wallets in their pockets or purses. In the U.S., for example, 85% say they know about digital wallets. However the research shows that consumer views about digital wallets are often confused. In the sample only 1 in 10 consumers were able to distinguish digital wallets from other types of platforms, such as digital banking apps, and this confusion highlights an interesting disconnect between the technologies consumers are using and their understanding of them. All of which suggests some education is needed in order for both the providers of digital wallets and their users if the full potential is to be realised.Subscribe nowDigital Wallets Are HereSo what is the difference between an app and a wallet then? I asked ChatGPT, so you don’t have to, and it told me that an app is a broad category of software designed for various tasks whereas a wallet is a specialised type of app specifically focused on storing payment methods and (and I rather like this perspective) facilitating electronic transactions. This seems like a reasonable way to structure a discussion, but there is another way to summarise the difference: whereas: an app is way to do things, a wallet is a way to organise things.What things? Well, my Apple Wallet (just like my real wallet) is cash-free. It has credit…Digital Wallets Are A Big Deal