New Data: Gen Z Leads the Way as Digital Wallets Surge in the UK

Digital wallets are becoming popular among consumers in the United Kingdom. In fact, nearly half (44%) of consumers in the country expect to continue using these wallets to carry out financial transactions in the next three years.

But these tools have the potential to allow consumers to do so much more than just make payments. Significant shares of the U.K.’s Generation Z and millennial consumers are using them to store credentials like ID cards or event tickets. PYMNTS Intelligence data shows, for example, that 71% of U.K. users are highly satisfied with their experience of using digital wallets beyond shopping. Some other use cases for the technology include for boarding passes, scanning rewards cards and storing hotel keys.

These are just some of the findings detailed in “Digital Wallets Beyond Financial Transactions: U.K. Edition,” a PYMNTS Intelligence and Google Wallet collaboration. This report examines consumer perceptions and use of these wallets in the last year and into the future in the U.K. market. It draws on insights from a survey of 2,362 consumers conducted from Jan. 11 to Feb. 5.

Inside “Digital Wallets Beyond Financial Transactions: U.K. Edition”:

• How Gen Z and millennial consumers in the U.K. lead the way in using these wallets for uses other than transactions
• How many consumers in the U.K. are using digital wallets to store non-payment credentials
• The rise of using these wallets for peer-to-peer transactions and bill splitting
• Use cases for digital wallets in the U.K. for travel and events
• Why storing identity verification credentials appeals to consumers in the U.K., particularly those from Gen Z

These wallets have the potential to replace physical wallets for storing payment methods, identification cards, transit passes and event tickets. Download the report today to learn what consumers in the U.K. are saying about the future of digital wallets.