This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Only 7% Use Our Digital Wallets for Day to Day Transactions

NEW YORK ( -- Mobile wallets have made a big splash in recent years, but a study shows there may be more discussion going on than actual use. Research from Thrive Analytics shows far more people in America know about digital wallets than actually use them.

According to the study, 78% of consumers are aware of the existence of digital wallets, yet only 32% have actually used them. These numbers include using PayPal on a PC. This massive gap implies shoppers are essentially staying away from mobile wallets, no matter how prevalent they have become.

There are a few reasons people may not have jumped on the digital wallet bandwagon. Some say they question the security of digital wallets, and others say they don't have a compelling reason to use them.

Many users feel it is still easier to pay with cash or a card than to use a digital wallet. Yet half of all consumers now carry less than $20 cash on a regular basis.

Must Read: Nearly 70% of U.S. Consumers Want Their Chip-and-PIN Credit Cards

Sixty percent of digital wallet transactions are conducted on a mobile device.

Among the digital wallets consumers have used, PayPal was clearly the leader, with 79% of people who said they had used digital wallets saying they have used PayPal. Google followed with 40%, and Apple Passbook had been used by 17% of the respondents.

The study also revealed how often people use digital wallets: 33% of those surveyed who had used digital wallets said they use them once a week, while 31% said they used them once a month. Only 7% indicated using their mobile and computer-based wallets on a daily basis.

Bill Hardekopf is chief executive of, which compares and rates more than 1,000 credit cards. He is the co-author of "The Credit Card Guidebook."

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
FB $117.91 0.41%
GOOG $696.83 0.65%
TSLA $223.56 -3.80%
YHOO $36.02 0.03%
AAPL $94.37 -0.85%


Chart of I:DJI
DOW 17,645.92 -104.99 -0.59%
S&P 500 2,051.14 -12.23 -0.59%
NASDAQ 4,727.6040 -35.62 -0.75%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs