Research shows that digital wallet adoption has soared since the start of 2023.

PYMNTS Intelligence, a research firm specializing in financial trends, released a report on e-commerce adoption among different age groups.

Based on responses from 2,722 consumers in the US, PYMNTS found that younger consumers are increasingly using digital wallets for their purchases despite general similarities in trends across retail and travel sectors.

While younger millennials and Gen Z are the most likely to use digital wallets for making purchases, the report revealed that digital wallets account for 16% of online payments across various age groups.

PYMNTS also found that the preference for digital wallets is even higher for cross-border transactions, as 42% of respondents in a separate survey said that digital wallet transactions are their “go-to” when sending money abroad.

Those surveyed indicated multiple reasons for their preference compared to traditional methods, including:

• Higher trust levels in digital wallets
• Lower fees
• Quicker clearance times

The digital wallet market will inevitably expand as support for cryptocurrency-based payments grows. However, there are several barriers to adoption, not least the technical expertise required to make transactions in current digital wallet solutions.

That’s where Best Wallet ($BEST) aims to disrupt the market. Unlike traditional browser-based digital wallets, Best Wallet is betting that the future of digital payments is on mobile devices.

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Author: Bogdan Patru