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Discover the dynamic shift toward digital wallets in the US and the UK in the latest podcast episode of "Behind the Numbers: The Banking & Payments Show." Delve into the compelling discourse on how younger generations' move to digital is rendering traditional wallets obsolete. Join host Rob Rubin, our US-based analyst Tyler Van Dyke, and UK-based analyst Carina Perkins as they unravel trends in digital transactions for dining, shopping, and ID verification. In the "For Argument's Sake" section, we dissect the fierce competition for market dominance among industry giants like Apple and Google, established players like PayPal, rising star Paze, and potential disruptors. Tune in for a forward-looking conversation and hit subscribe for the latest insights. Key insights: - Youth-led shift: Analysis reveals a robust trend among younger consumers pivoting to digital wallets for everyday activities, indicating a cultural and technological shift. - Market dominance debate: We uncover the strategic moves by tech titans and emergent challengers vying to capture the largest share of digital wallet users. - Cross-Atlantic perspectives: Insights from US and UK analysts present a diverse view on the adoption of digital wallets, offering a broader understanding of the global digital economy.

Retailers can use digital wallets to speed up the checkout process both online and in-store and reward repeat customers. But creating a standalone wallet may not be the best solution for most retailers, and that鈥檚 where partnerships with existing providers can help out.

Major banks are jointly developing a digital wallet to fend off competitors. But the execution must be flawless to succeed.

Digital wallets are fast becoming consumers鈥� preferred way to pay, both in and out of the store.

Our take: There has been a frenzy of feature innovation in digital wallets as they try to expand beyond payments into everyday commerce enablers. Adding new features like Pool Money is therefore crucial for PayPal to stay competitive and maintain customer loyalty in the highly saturated market. We expect PayPal to have 217.3 million core users worldwide in 2025.

Adoption of digital wallets is approaching critical mass, but they won鈥檛 replace physical wallets anytime soon. However, a super app may be on the horizon, especially if companies can crack the ability to integrate payments with shopping services.

EPI wil pilot a digital wallet and instant payments system after axing its plans for a pan-European payments network

On today's episode, we discuss Apple鈥檚 dominance in the digital wallet arena. In our 鈥淗eadlines鈥� segment, we look at the ramifications of The Kroger Co.鈥檚 about-face on Apple Pay and how the EU is scrutinizing Apple Pay in its antitrust investigation. In 鈥淪tory by Numbers,鈥� we examine how Gen Z鈥檚 use of iPhones will keep Apple competitive in the digital wallet space and the success of Apple鈥檚 new savings account. And in our new segment, 鈥淲hat If,鈥� host Rob Rubin presents a few hypotheticals and discusses what things would look like if they were true. Tune in to the discussion with our analyst David Morris.

Bank of America, JPMorgan, and other banks are creating a digital wallet to compete with Apple Pay and PayPal鈥攂ut there鈥檚 one catch.

On this podcast episode, we explore the deployment of AI in payments in 2024. First, we discuss the most impactful use cases for AI in payments, such as fraud detection and prevention, false declines and purchase conversion, B2B payments, enhanced customer service, and digital wallets. In our "For Argument鈥檚 Sake" segment, we rank these use cases in order of impact and debate our decisions. Join the conversation with host Rob Rubin, our analyst David Morris, and Angela Murphy, PhD, client partner at Persistent Systems.

On today鈥檚 episode of The Banking & Payments Show podcast, we discuss the most important banking trends that we expect to see in 2024. We examine the big headlines from our Banking Trends to Watch in 2024 report, such as risky banking as a service partnerships, the social media players pushing the boundaries of banking, the disruption caused by AI and new developments with digital wallets. In a new segment called "Place Your Bets," using a total of 10 points, we allocate points to different trends to predict their likelihood of coming true. Listen to the conversation with guest host Marcus Johnson and our analysts Tiffani Montez and David Morris.

Digital wallets will be the only payment type to increase its share of worldwide point-of-sale transaction value between 2023 and 2027, making up 46% of total value by the end of that time period, according to a March 2024 report from Worldpay.

It wants to be a one-stop shop for payments and commerce and to better compete with other digital wallets like PayPal and Cash App, which both also have crypto integrations. This move may also foreshadow a larger push into crypto from payment providers as they ready for the asset class to take off under President Donald Trump.

Mobile apps enhance omnichannel consumer journeys through key features, including providing real-time inventory visibility, product information, and in-store wayfinding; storing coupons and promos in a digital wallet; and enabling cashierless checkout technology such as scan-and-go and proximity mobile payments.

Improved cash flow management: Instant payments let consumers immediately process and settle bills, transfer funds to cover shortfalls, and transfer funds into digital wallets to make purchases. In an October 2023 PYMNTS.com survey, 74.1% of consumers cited speed and the guarantee of good funds as a reason they preferred instant payments.

AI-forward, frictionless customer experience helps ensure Google Pay鈥檚 consistent use.

Economic uncertainty could derail its efforts to reinvigorate growth

This decision feeds into the rising enthusiasm for stablecoin as the future of payments.

But it鈥檚 unclear how its new agenda will shake out鈥攁nd how many of the agency鈥檚 rules that recently went into effect, such as regulating digital wallets like banks鈥攚ill survive.

Western Union has become the latest financial company to launch a media network, joining the likes of Chase and PayPal. 鈥淭he biggest advantage [financial media networks] have is just breadth. So, unlike a retail media network, they capture the entire spending history that a customer has,鈥� said our analyst Maria Elm on an episode of our Behind the Numbers podcast.

Fellow digital wallets Apple Pay (used by 16.4% of respondents) and Google Pay (9.6%) fell far behind. Gen Z expects Apple Pay at checkout. Gen Zers鈥� payment preferences differ from those of older consumers. One of the biggest distinctions is their love of Apple Pay.

FMNs are a small but burgeoning part of commerce media, offering valuable first-party transaction data. Despite their promise, FMNs face scale limits due to data sensitivity and must find ways to shift audiences toward commerce-focused behaviors.

Digital wallets are a key channel for this: Providers can fashion their mobile apps into shopping destinations to capture volume even on purchases for which consumers don鈥檛 want to use installments. They can also push Pay Now directly at checkout. For example, in February, Klarna launched Sign in with Klarna, which automatically fills in a user鈥檚 details at checkout.

Payment provider innovation and regulatory changes are setting a long-term growth runway for cryptocurrency payments. But providers will still need to overcome low merchant acceptance and a sense of mistrust before crypto can go mainstream.