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Insight of the Day: Consumers Spend More at Restaurants When Using Digital Wallets

Digital wallets — such as Apple Pay and Google Pay, which use near-field communication tags, and Amazon Pay and PayPal, which use QR codes — offer shoppers a contactless method to complete their purchases.

Because digital wallets store encrypted debit and/or credit card information, they also provide consumers with a more secure way to shop and spend. Convenience, too, is another important feature when shopping online, because digital wallets permit users to bypass the need to enter card details when checking out.

This helps explain why 79% of Generation Z consumers have embraced this sophisticated payment method. The use of digital wallets declines with each older generation, reaching a low of 26% among baby boomers and seniors.

But what may be a surprise — and of particular interest to merchants — is that digital wallet users spend, on average, up to one-third more than consumers who use more traditional payment options across all purchases.

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