Digital wallet engagement helps drive higher usage with the card product.
Spend among digital wallet users is concentrated at merchants in the Everyday Spend category (groceries, restaurants) and Travel and Entertainment.
The majority of digital wallet users fall into high-value consumer segments, i.e. those with greater spend volume, frequency, and merchant category breadth. These segments represent some of the highest value cardholders in a portfolio.
Digital wallets could provide a pathway for issuers to engage high-value or affluent cardholders, or to re-engage secondary card-in-wallet users.