comScore Sees Widening Digital Wallet Adoption

comScore is generating buzz today on the heels of its newest published report: the Digital Wallet Road Map 2013.

The study, which measures “consumer awareness, perceptions and intent” to use current digital wallet offerings, shows that digital wallets are now familiar to 51 percent of U.S. consumers.

Although the remaining 49% represents a huge growth opportunity and points to a large segment of the population that digital wallets are yet to penetrate, the slow and steady growth of digital wallet adoption is still very promising.

“Digital wallets represent an innovative technology that has not yet reached critical mass among consumers due to a variety of factors, including low awareness and a muddied understanding of their benefits,” says Andrea Jacobs, comScore Payments Practice Leader.

“This study delves deeply into the mindset of consumers with respect to their potential use of digital wallets, in addition to helping size the market opportunity,” she adds. “The study also provides guidance on how digital wallet providers, marketers, developers and retailers can contribute to growing adoption of this technology.”

According to the conclusions reached in the report, the current digital wallet landscape remains fragmented among providers because of “low consumer adoption outside of PayPal,” with only 12 percent of consumers claiming to have used a digital wallet other than PayPal.

comScore data, however, does show that the digital wallet market opportunity could eventually reach 1 in 2 consumers as consumers become more aware of the offerings and educated on their benefits.