More than half of UK consumers use digital wallets

More than half of UK consumers now say they “often” or “always use” digital wallet services, which store multiple card details, such as PayPal or MasterPass, to pay for goods online.

According to a survey of 2,000 UK adults by digital payments experts Skrill, more than one in ten 18-24-year-olds now use digital wallets for every purchase they make online. However, a generational gap is forming with over a third of those aged 55 and above admitting to never having used a digital wallet to pay for goods and services online.

The research also revealed that when 18-24-year-olds shop on the high street, one in five now pay for goods or services in-store with a mobile device, contactless reader, text service or a sensor that determines their location via their phone. This is compared to only 2 percent of people aged 55 and over.

Chantal Willis, VP eCommerce, Skrill, said: “Payment behaviour is one of the fastest changing trends in business today. The challenge for businesses, whether online or on the high street, is catering for contrasting segments of the market.

“While high street stores generally stick to tried and tested payment methods, online businesses have begun to embrace emerging payment methods to make sure they are not missing out on crucial sales.”