Digital wallets have reached a tipping point. Fiserv consumer data reported by The Financial Brand indicates that almost 7 out of 10 have used a digital wallet in the past 12 months. In addition, the digital wallet market is forecast to grow by 18.9% year-over-year through 2028.
With consumers typically spending four times more on their top of wallet card choice than other payment methods, it’s clear that FIs must not only promote digital wallet use but also incentivize customers to designate their cards the default (i.e. the top!) card.
Based on recent industry research, Media Logic’s financial services marketing experts have identified the key consumer insights impacting adoption and use of mobile wallets and outlined marketing best practices FIs can tap for help with messaging and communications.
Access our team’s recommendations for driving digital top of wallet status below or click here to download the tips as a PDF.