New report: digital wallets taking over e-commerce

WASHINGTON, D.C. (WTAJ) – What’s in your wallet? According to recent reports, the traditional credit and debit cards are being replaced with digital options.

While debit cards are still the top payment method, bank transfers and digital wallets have increased in popularity, according to Paysafe’s report, ‘Inside the Wallet: How consumers are spending and saving in 2024’.

Other digital shopping behavior reports confirm this trend.

Recent statistics found that Paypal (78%) tops the charts for biggest e-commerce payment brands in the U.S., with Apple Pay (38%), Venmo (37%) and Google Pay (31%) following as other payment options.

Statista , which provides data analysis for sectors like consumer goods and services, reported that cards are expected to retain popularity in-store for years, but digital wallets have taken the lead for online transactions.

Consumers may change their payment preferences depending on security.

Paysafe reports that more than half of people (54%) indicate that security is an important factor when deciding where they shop online.

Another factor may be the growing use of AI. According to survey results, more than one-third (36%) of 18-43-year-olds are comfortable with AI being used to improve their payments. However, 33% of consumers aged 60 and over felt uncomfortable with the idea of using AI to purchase products online.

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For more information, view the full report here .

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