Digital Bank Users Make Mobile Wallets Their Default Choice

Digital banks have made smartphones the primary gateway for opening accounts, moving money and making purchases, encouraging customers to treat mobile wallets as a default rather than a companion to plastic cards. The shift matters for banks and merchants because it could move more checkout activity away from card-based interfaces and toward payment methods that connect consumers’ bank accounts directly with transactions.

The latest PYMNTS Intelligence report found that 44.6% of digital bank customers prefer digital wallets, a notably higher share than among consumers overall. The findings, highlighted in a report headlined “40% of Digital Bank Users Choose Mobile Wallets Over Plastic,” also show stronger receptiveness to Pay by Bank. The supplied report details did not specify a publication date, survey period or sample size, limiting comparisons over time.