Digital wallets serve many purposes. They’re great for shopping in-person, allowing us to go without a chunky wallet when we’re out and about. They also help save time with auto-fill features when making online purchases.
But this convenience is a double-edged sword.
Choosi, a comparison website, recently carried out research into the ways that digital wallets are influencing spending patterns and financial management in Australia. Its findings were illuminating.
According to the report, 44% of Aussies now use a digital wallet, like Apple Pay or Google Pay, to make everyday purchases.
This is where it gets interesting: of those regular digital wallet users, around 4 in 10 indicated they were more likely to order takeaway food or impulse shop online. When that crispy grilled chicken burrito is only just a few clicks away, who can blame them?
28% of digital wallet users also reported being more likely to get a ride share, while 27% said their digital payment capabilities make them more likely to buy a coffee or purchase snacks.
Digital wallets can be a force for good, too. Many of these tools support financial tracking features and, encouragingly, 20% of Choosi’s respondents said that digital wallets make them more likely to contribute to “round up” savings.
Maybe we, rather than the digital wallets, are the problem here?