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Study: Digital Wallet Use Has Doubled for Small Biz

The percentage of customers opting for digital wallets is twice what it was two years ago.

Consumer use of digital wallets and third-party payments at small businesses has doubled in two years, but more and more consumers are saying they avoid small businesses that have experienced a data breach, according to new research from Bank of America.

The survey of 522 small business owners and 509 U.S. consumers, done in conjunction with Forrester Consulting, found that 10% of consumers now choose to pay with digital wallets when they’re shopping at small businesses. That number was just 5% in 2017. Online shoppers’ use of third-party payment methods such as PayPal spiked from 11% in 2017 to 27% in 2019 as well.

“Today’s consumers are constantly looking for easier, faster and safer ways to shop – both in-store and online,” Bank of America Merchant Services Small Business GM Sydney Ivey said.

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