Consumers are using cash less and turning to digital wallets more, according to new research from Paysafe, operator of digital wallet service Skrill.
The data, from the company’s annual Lost in Transaction report, reveals 43 percent of consumers have reduced traditional cash transactions. And 32 percent said they are turning to digital wallets to pay bills, goods, services and to transfer money overseas.
The research surveyed consumers in the U.S., U.K., Canada, Germany, Austria, Italy and Bulgaria in April 2020. The results mirror research from a recent survey from Blackhawk Network that also finds global digital wallet adoption has taken off, with 88 percent of shoppers across eight countries surveyed noting they now use digital wallet technology.
"43 percent of consumers have reduced traditional cash transactions and 32 percent said they are turning to digital wallets to pay bills, goods, services and to transfer money overseas"
As previously reported by CardNotPresent, the Paysafe research also finds 27 percent of consumers surveyed expect the number of subscription payments to increase in the next year.
