This Holiday Season, Fewer Consumers Will Forget Their Wallet Thanks to Rapid Adoption of Mobile Wallet Usage
We have all left our wallet at home at one time. We rush out of the house, race to the store to buy that important holiday gift and realize that we don't have our wallet to pay. Now that problem is becoming a thing of past, thanks to the rapid adoption of "mobile wallets." Having card information and payment capabilities directly via a mobile device, rather than a plastic credit card, is surging in popularity, making life easier and less stressful for consumers from coast to coast, just in time for the busy holiday shopping season.
According to the Capital One Wallet Survey, nearly one quarter (24.2%) of consumers are currently using mobile wallets in some capacity, while 16.0 percent are using their mobile wallet to make purchases. Of the 24.2 percent now using mobile wallet technology, more than 63 percent (63.3%) indicate they have only been using a mobile wallet for less than a year, demonstrating the rapid acceptance and use of the technology during 2016, meaning this holiday season will have more purchases made via mobile wallet than ever before.
With the holiday season here, the survey revealed that nearly half (48.5%) of mobile wallet users plan to make at least one gift purchase through their mobile wallet despite the fact that during this holiday season, more than half (54.0%) of mobile wallet users get more concerned about credit card fraud. In fact, more than 43 percent of mobile wallet users have at one point or another had a charge come through that either surprised them, or was for the wrong amount.
When it comes to where wallet users will shop using mobile payment technology this holiday season, consumers are already using mobile wallets at the places they shop the most including:
However, during the upcoming holiday season and beyond, more than two thirds (69.6%) of wallet users indicated they would use their mobile wallets even more if more merchants allowed them to pay that way.
Capital One Wallet helps consumers keep track of all your purchases in real-time and keep them organized on the go. Capital One Wallet users receive instant purchase notifications when they use their Capital One credit or debit card. Additionally, if they misplace their credit card, they can instantly lock their card and turn it back on again when they're ready, all right in the Wallet. Capital One Wallet users can also skip the clutter and hang on to their receipts in their phone by simply snapping a photo to connect a receipt with a charge in the app. Lastly, Capital One Wallet can digitize up to 25 gift cards and store them in one simplified spot. That way, users can track balances automatically and make gift card purchases using their mobile device whenever they want. Capital One customers can download the Wallet app on iOS in the App Store or on Android at Google Play.