Survey: Many consumers prefer physical cards over digital wallets

A growing number of people say they prefer plastic debit and credit cards over digital wallets, in part because they view the latter as more inconvenient to use, according to a new survey by J.D. Power. The poll found the percentage of U.S. consumers who reported using a digital wallet over the past three months increased from 38% in 2021 to 49% in 2022. However, the percentage of customers who said they don’t use mobile wallets because it is more inconvenient than a card increased from 47% to 49%.

J.D. Power said one possible reason why more consumers find mobile wallets more inconvenient is the growing popularity of contactless cards. Still, the percentage of people who said they have heard of mobile wallets, but have never set one up, declined from 37% to 24% last year, while those that said they are concerned about security declined from 25% to 21%.