Why Banks Should Care About Mobile Wallets

When Pew surveyed 1,200 American adults in 2018 it found most were still hesitant to adopt mobile payments. Many remained skeptical of the technology, had concerns about security, and were more likely to trust traditional payment methods like credit and debit cards. Since then, the 2019 announcement and launch of the Apple Card led to a rush of glowing predictions for mobile wallet usage. The Apple Card, most agree, has been a success so far, but has it really moved the needle for wallets overall? Some analysts continue to believe growth in mobile wallet usage will be slow for all but dedicated digital enthusiasts.