Time for a Wallet Strategy
The digital wallet is a hill to die on.
Dateline, Woking 4th March 2023
Around the world the transition from physical wallets to digital wallets is well underway. An Accenture survey of 16,000 customers in 13 countries found that 56% of them were using digital wallets more than five times every month (compared with only 48% using cards that often) and they interpret these results to mean that heading towards a hundred billion dollars of annual payments revenues for banks are “at risk”.
That’s big money in anyone’s language, so it is not surprising that wallet wars are around the corner and that the US banks are moving their tanks on to Big Tech’s lawn with the announcement that Wells Fargo, Bank of America, JPMorgan Chase and others are developing a digital wallet to help consumers pay at online merchants.