Digital wallets add convenience and ease of use to the traditional payment process, eliminating the need to manually type in card details when making purchases online and in apps. They also allow clients to make in-store payments quickly and easily by holding up their devices to a payment terminal using NFC or similar technology. To date, consumer adoption of major digital wallet platforms (e.g., Apple Play, Google Pay and Samsung Pay) has been low, but improved technology and increased merchant availability could lead to a significant rise in usage.
All Mobile Monitor coverage set banks and credit card issuers offer support for these main wallet types as well as platforms like PayPal, Masterpass by Mastercard and Visa Checkout; however, most firms require clients to enroll in these services outside of their mobile apps. Just eight firms (50%) include in-app Apple Pay setup while four firms (25%) and three firms (19%) offer similar setup on Android for Google Pay and Samsung Pay, respectively. Select firms have rolled out separate branded payment solutions; Chase offers dedicated Chase Pay iPhone and Android apps, allowing for express online and in-app payments and in-store tap and pay functionality via QR code. PNC and Wells Fargo provide PNC Pay and Wells Fargo Wallet, their own Android-based NFC payment solutions.
This report also includes findings from our 2017 Investor Survey, in which we surveyed 1,530 retail investors about key areas of interest, such as website and mobile platform usage, feature importance and more. The survey results provided us with significant mobile-related insights, demonstrating that the mobile channel is growing in importance and a critical part of winning over the up-and-coming Millennial demographic. We found that most surveyed investors consider the iPhone their device of choice, though tablets are popular among older investors. Account information and security were voted the two most crucial components of the mobile experience.
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