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Mobile wallet use to overtake credit cards

Mobile wallet use is beginning to take off in the U.S. and will overtake credit cards as the leading form of online payment, according to a report from FIS. 

The Worldpay from FIS 2020 Global Payments Report reveals mobile wallets will make up 38% of e-commerce spending by 2023, surpassing credit card use. The report shows credit cards will fall to 25% of use, while debit cards will fall to 16%. 

"In the U.S. mobile is the fastest growing channel because consumers are trusting more and more the convenience and security of mobile wallets," said Casey Bullock, SVP, general manager for global eCommerce, North Americas, Worldpay Merchant Solutions, FIS, via email.

The report shows digital wallets are also being used more often inside retail stores, and will reach 10% by 2023 and U.S. consumers spent $944 billion in 2019 online and $9.4 trillion inside stores.

Cover image: iStock