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Booming Mobile Wallet Adoption Could Shrink Payments Fees by 2025

New Deutsche Bank research indicates that, among other things, digital payments has the potential to "rebalance global economic power."

mobile wallet use Though plastic may die soon, it definitely isn’t dead yet. (Source: Shutterstock)

Mobile wallets are on track to become more popular than cash by 2025, and the influx of data from those mobile wallets will be so valuable that fees for digital payments could drop to zero, according to new Deutsche Bank research.

The bank’s survey of 3,600 customers across the United States, U.K., China, Germany, France and Italy found that Americans currently make just 13% of their weekly in-store purchases with a digital wallet on their smartphones or smartwatches. Over the next six months, however, 33% of Americans planned to use those smartphone digital wallets more and 23% planned to use smartwatch digital wallets more, according to the data. Only about one in 10 U.S. respondents (11%) said they planned to use cash more in the next six months.

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