UK Edition
While digital wallets are globally gaining traction for cross-border money movement, wallet adoption and usage across the U.K. points towards a gap that needs to be addressed.
Wallets are set to be the future of cross-border payments in the United Kingdom. But the disparity highlighted above reveals that digital wallet penetration for cross-border payments is much stronger for businesses than individuals, raising a key issue:
If digital wallets are so efficient, why aren’t more consumers in the U.K using them?
Who’s Driving the Shift:
The Generational Divide
Young consumers, specifically Gen Z, in the U.K. are leading the shift toward digital wallet usage for cross-border payments.
Over 58% of Gen Z consumers use digital wallets to make cross-border payments, closely followed by 55% of millennials. This is in stark contrast to wallet usage by the older population. There is also a generational divide when it comes to cross-border payment volume.
It’s interesting to note that consumers and businesses alike want to ramp up their digital wallet usage to benefit from their speed and widespread global acceptance.
While businesses have largely embraced this payment method, consumer familiarity lags, demanding attention from wallet providers. At the same time, there are promising signs of growth with Gen Z and millennials leading the shift, pointing towards a long-term trend toward greater adoption. The potential is clear. How will digital wallets unlock it?
