According to the Capital One Wallet Survey, nearly one quarter (24.2%) of consumers are currently using mobile wallets in some capacity, while 16.0 percent are using their mobile wallet to make purchases. Of the 24.2 percent now using mobile wallet technology, more than 63 percent (63.3%) indicate they have only been using a mobile wallet for less than a year, demonstrating the rapid acceptance and use of the technology during 2016, meaning this holiday season will have more purchases made via mobile wallet than ever before.
With the holiday season here, the survey revealed that nearly half (48.5%) of mobile wallet users plan to make at least one gift purchase through their mobile wallet despite the fact that during this holiday season, more than half (54.0%) of mobile wallet users get more concerned about credit card fraud. In fact, more than 43 percent of mobile wallet users have at one point or another had a charge come through that either surprised them, or was for the wrong amount.
When it comes to where wallet users will shop using mobile payment technology this holiday season, consumers are already using mobile wallets at the places they shop the most including:
- Nearly half (49.2%) of mobile wallet users indicate they use their mobile wallets at retail stores
- More than 41 percent (41.4%) of mobile wallet users have used this technology at grocery stores
- 36.8 percent have paid for fast food with a mobile wallet
- Slightly more than a quarter have used their mobile wallets at drug stores (25.7%) or for travel related purchases (26.6%).
However, during the upcoming holiday season and beyond, more than two thirds (69.6%) of wallet users indicated they would use their mobile wallets even more if more merchants allowed them to pay that way.
