Mobile payments are continuing to gain ground, according to new data showing that debit cards are the default option for the vast majority of people who use mobile wallets.
The figures show that nine in 10 mobile wallet users have loaded a debit card as their default payment method. The finding underlines the central role of debit cards in everyday digital payments, even when the transaction is made through a phone or other mobile device rather than with a physical card.
Mobile wallets allow users to store payment cards digitally and make purchases without presenting the card itself. The latest data suggests that, for most users, the card linked to those wallets is a debit card rather than another form of payment.
The wider trend points to a continued rise in mobile payments. At the same time, the decline in cash use appears to be slowing, indicating that cash remains part of the payments landscape even as more consumers use digital methods.
The data highlights a payments market moving in two directions: mobile wallet use is increasing, but cash is not disappearing as quickly as earlier trends may have suggested. The latest position is that digital payments are growing while cash use continues to persist, albeit after a period of decline.
