Business Wire

Experian Finds Mobile Wallets Rival Traditional Payment Methods

Share

The new Experian Global Insights Report concludes that digital online spending will continue to gain strength even as consumers emerge from lockdown and return to in-person transactions. Consumers are also engaging with digital payments as much as they engage with email. The growth curve of online spending has increased the use of mobile wallets that now rival traditional payment methods. The latest report shows that 62 percent of respondents say they are currently using mobile wallets, while 63 percent use traditional forms of payment.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220421005354/en/

To view this piece of content from mms.businesswire.com, please give your consent at the top of this page.

The new Experian Global Insights Report concludes that digital online spending will continue to gain strength even as consumers emerge from lockdown and return to in-person transactions. (Graphic: Business Wire)

Consumers stated that they want fast, frictionless, and secure transactions, with 81 percent saying that a positive digital experience makes them think more highly of the brand versus a traditional brick and mortar experience. This trend is also favorable for businesses. It shows that 53 percent of consumers surveyed have increased their spending and transactions on digital channels in the past three months, with 50 percent of respondents saying it will likely increase over the next three months.

David Bernard, Experian’s EVP of Strategy and Operations for Global Decision Analytics, speaks on the trends shown in the report relating to the pandemic. “Results from our latest survey reveal that many consumers are more concerned now about the security of their online transactions and activities than they were a year ago, with regional differences in the nature of their primary concerns,” said Bernard. “The past two years have given way to a digitally savvy consumer, who have a growing awareness and understanding of advanced, frictionless security methods. Consumers seek to make their work and lives easier and safer.”

The report also clarifies that consumers have a preference when establishing new accounts, with banking websites, retail, and credit card company mobile apps leading the way. Digital savvy consumers place the most trust with payment service providers, credit card companies, technology, and streaming media companies.

One additional business benefit with the rise and reach of new payment methods like mobile wallets, Peer-to-Peer (P2P), and Buy Now Pay Later (BNPL) is that businesses are also able to find options for better financial inclusion. In the U.S. and U.K., 60 percent say they are doing just that with programs like BNPL. In the U.S., 4 in 5 consumers use BNPL to avoid credit card debt, whereas 7 in 10 U.K. consumers said the same. Furthermore, 57 percent of respondents say that BNPL could replace their traditional payment method.

Companies still have room to improve meeting customers’ expectations of the digital experience. 23 percent of consumers surveyed say their expectations for the digital experience have only somewhat or not at all been met. This percentage is down from 30 percent in Q4 2021. Only 23 percent of consumers feel very confident that the businesses will address their online security concerns. The tide has also changed as 73 percent of consumers put the onus on companies to protect them online.

Consumers surveyed are also more aware of the value of their data. 90 percent of customers want complete or some control of how their data is used, with 57 percent being willing to share data if it ensures greater security or prevents fraud. There are regional differences for security concern. For instance, identity theft and stolen credit card information far outpace other worries in the U.S, while data privacy is a top concern in China. More than 50 percent of respondents are worried about deep fake fraud in Malaysia and Peru.

Additional findings from the report include:

  • 52 percent are concerned about their online transaction security.
  • 42 percent are more concerned about their online security in the past 12 months
  • 63 percent of consumers say they’ll share their personal data for value, up from 51 percent from 2021

To develop the study, Experian surveyed 6,000 consumers and 2,000 businesses across 20 countries, including Australia, Brazil, Chile, China, Columbia, Denmark, Germany, India, Indonesia, Ireland, Italy, Malaysia, Netherlands, Norway, Peru, Singapore, South Africa, Spain, United Kingdom and United States, on insights related to consumer and business economic outlooks, financial well-being, online behavior and more. This report is the latest study in a series exploring the significant shifts in consumer digital preferences and business strategy over the past seven years.

Download the latest Global Insights Report to learn about more findings from Experian Decision Analytics.

About Experian

Experian is the world’s leading global information services company. During life’s big moments – from buying a home or a car, to sending a child to college, to growing a business by connecting with new customers – we empower consumers and our clients to manage their data with confidence. We help individuals to take financial control and access financial services, businesses to make smarter decisions and thrive, lenders to lend more responsibly, and organizations to prevent identity fraud and crime.

We have 20,000 people operating across 44 countries and every day we’re investing in new technologies, talented people, and innovation to help all our clients maximize every opportunity. We are listed on the London Stock Exchange (EXPN) and are a constituent of the FTSE 100 Index.

Learn more at www.experianplc.com or visit our global content hub at our global news blog for the latest news and insights from the Group.

Experian and the Experian marks used herein are trademarks or registered trademarks of Experian and its affiliates. Other product and company names mentioned herein are the property of their respective owners.

To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.

Contact information

Steven Weiss
Rubenstein Public Relations
1 212 805 3062
sweiss@rubensteinpr.com

Scott Anderson
Experian Public Relations
1 714 830 3185
scott.n.anderson@experian.com

About Business Wire

For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.

Subscribe to releases from Business Wire

Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from Business Wire

SCENTMATIC's AI "KAORIUM" Debuts at THAMEEN Fragrance Launch in London's Selfridges4.7.2025 12:13:00 EEST | Press release

SCENTMATIC Inc., a leader in scent digitalization, introduced its AI-powered scent-to-language system, KAORIUM, at the THAMEEN Fragrance new product launch event. This pivotal event took place from June 5 to 11, 2025, at Selfridges department store in London, UK. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250703662207/en/ State of exhibition Global Expansion: KAORIUM Establishes UK Presence Europe leads the global fragrance market, with the UK projected to reach US$2.82 billion by 2033. Recognizing this, SCENTMATIC is rapidly expanding its international footprint. In May 2024, SCENTMATIC established its overseas subsidiary, KAORIUM, in London, appointing industry expert Ben Yanoushek as CEO. Official UK operations commenced on February 1, 2025, with the launch of its dedicated website: www.kaorium.com. KAORIUM Trialed at "Florentine Diamond" Launch Event The "Florentine Diamond" launch event for luxury brand THAMEEN Frag

Global Tourism Surging Ahead of Economic Growth, With Visits to Hit 30 Billion by 20344.7.2025 02:00:00 EEST | Press release

The World Economic Forum has today published a new report forecasting that the travel and tourism industry is projected to serve 30 billion tourist trips by 2034. Travel and Tourism at a Turning Point: Principles for Transformative Growth, produced in collaboration with Kearney and the Ministry of Tourism Saudi Arabia, reveals a projected $16 trillion contribution to global GDP by the same year—representing more than 11% of the total world economy, according to World Travel & Tourism Council estimates. The report also found that the sector is expanding 1.5 times faster than the global economy, generating significant commercial opportunities as long as the mounting challenges of climate change, labour shortages and infrastructure gaps are addressed. Inbound and outbound trips increasing fast Asia is on track to become the world’s fastest-growing tourism economy, with the direct travel and tourism GDP contribution expected to exceed 7% across the region by 2034. Notably, India and China

The 2025-2026 World Branding Awards Animalis Edition Honouring Leading Pet and Animal Brands Globally3.7.2025 22:00:00 EEST | Press release

The 2025-2026 World Branding Awards Animalis Edition marked its fifth instalment, bringing together leading pet and animal brands from all around the world. These brands were celebrated for their outstanding achievements, earning recognition as National, Regional, and Global Winners. The awards ceremony, held at Vienna's prestigious Hofburg Palace, welcomed winners across diverse categories, including pet food, retail, wellness, pet exhibitions, and aquatic products. Mounia Berrada-Gouzi expertly hosted the evening, which culminated in a grand celebration of brand excellence. “The Animalis Edition of the World Branding Awards recognises brands that have achieved the highest distinction—genuine recognition in the hearts and minds of consumers. Tonight, we honour those whose names resonate globally, whose values inspire loyalty, and whose presence defines excellence in the pet and animal industry,” said Richard Rowles, Chairman of the World Branding Forum. Out of over 950 brands nominate

Venture Global Announces 20-Year Sales and Purchase Agreement with PETRONAS3.7.2025 15:59:00 EEST | Press release

Today, Venture Global, Inc. (NYSE: VG) announced the execution of a new 20-year Sales and Purchase Agreement (SPA) with PETRONAS LNG Ltd. (PLL), a subsidiary of the Malaysian state-owned oil and gas company, PETRONAS. Under the terms of the SPA, PETRONAS will purchase 1 million tonnes per annum (MTPA) of liquefied natural gas (LNG) from Venture Global’s third facility, CP2 LNG, for 20 years. This builds upon Venture Global’s existing agreement with PETRONAS for 1 MTPA of LNG supply from Plaquemines LNG. PETRONAS, a world-class partner in the LNG industry, joins other CP2 LNG customers in Europe, Asia and the rest of the world in a strategically important project to global energy supply and security. To date, approximately 10.75 MTPA of the 14.4 MTPA nameplate capacity for CP2 Phase One has been sold. About Venture Global Venture Global is a long-term, low-cost provider of U.S. LNG sourced from resource rich North American natural gas basins. Venture Global’s business includes assets ac

Frost & Sullivan Recognizes Novotech as 2025 Global Biotech CRO Company of the Year3.7.2025 15:05:00 EEST | Press release

In recognition of its innovation, client-focused delivery, and global impact, Novotech has been awarded the 2025 Global Biotechnology Contract Research Organization (CRO) Company of the Year by Frost & Sullivan. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250703950144/en/ Novotech Wins Global CRO Award Novotech is a globally recognized full-service clinical CRO and scientific advisory firm, trusted by biotech and small- to mid-sized pharmaceutical companies to advance their drug development programs at every phase. With a global footprint spanning Asia-Pacific, North America, and Europe, Novotech supports over 5,000 clinical trial sites and a distributed team of experts delivering seamless, end-to-end solutions across geographies. “Novotech is redefining biotech-focused clinical research through AI-driven innovation, global expansion, and a client-embedded partnership model. With a clear vision to be the CRO of choice for

In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.

Visit our pressroom
World GlobeA line styled icon from Orion Icon Library.HiddenA line styled icon from Orion Icon Library.Eye