Digital wallets are the fastest-growing payment method in the U.S., with nearly half of U.S. consumers (48%) saying that they had used digital wallets in the past 90 days, up 12 percentage points from 2023, according to a new J.D. Power survey. The poll also found that consumer satisfaction with digital wallets rose four points to 664 on a 1,000-point scale, with ease of use the top factor driving the increase.
Among consumers who have used digital wallets, 40% have used PayPal, 28% have used Apple Pay, 22% have used Venmo and 19% have used Cash App Pay. Venmo and Cash App Pay have the highest overall customer volume among consumers who use digital wallets at least once a month. However, among consumers who use digital wallets at least five times a month, Apple Pay is the most frequently used service. At the same time, only 57% of small businesses currently accept digital wallets, compared to the 94% that accept physical cards.
