The concept of the digital wallet has been around for about 20 years, but it took until recently for digital wallet use to become commonplace. COVID-19 has fast-tracked changing consumer lifestyles, leading many to embrace a digital-first approach to payments and accelerating digital wallet use. Financial institutions should meet these preferences by making it simple and secure for their customers to utilize their cards in digital wallets, rather than turning to competitors’ cards.
To discuss the advantages of digital wallets and reasons why all financial institutions should enable easier access to this technology, PaymentsJournal sat down with Steve Kent, Senior Director of Digital Strategy at CSI, and Tim Sloane, VP of Payments Innovation at Mercator Advisory Group.
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