Digital wallet

As consumers embrace digital wallets, real-time spending data and insight can help FinTechs and banks help consumers build better day-to-day financial ...

[59% of consumers who tried a new payment method](https://www.pymnts.com/study/new-payment-options-digital-wallets-consumer-finance/) in the past year opted to embrace digital wallets, and 42% of U.S. According to the [Consumer Protection Data Spotlight](https://www.ftc.gov/news-events/data-visualizations/data-spotlight/2022/12/who-experiences-scams-story-all-ages) report from the [Federal Trade Commission](https://www.ftc.gov/) (FTC) released Dec. [Younger consumers](https://www.pymnts.com/news/security-and-risk/2022/young-digital-natives-getting-scammed-in-high-numbers/), and the ones wielding devices to get all manner of everyday financial tasks done, are especially at risk. [PYMNTS and Banyan](https://www.pymnts.com/study/tapping-benefits-item-level-receipt-data-consumer-spending-behavior-innovation/?cache=skip#wpcf7-f1402800-o1?download=true) found that nearly half of financial service providers are highly interested in using receipt data to improve consumers’ understanding of their spending behavior — which in turn helps banks and providers to more accurately recommend relevant products and services. Cryptocurrency-related crimes, like the one in which the Department of Justice (DOJ) is in the midst of investigating a Nov. Of the firms using these advanced technologies, 50% are increasing their use of real-time decisioning and alerts. The average cost of digital payments misuse for financial institutions (FIs) last year topped $120 million. Morgan has noted in its own research](https://am.jpmorgan.com/content/dam/jpm-am-aem/global/en/insights/market-insights/guide-to-the-markets/mi-guide-to-the-markets-us.pdf) that “excess savings" in the aggregate here in the U.S. “You’ve got to be able to feed into what’s happening with members — so that the digital solutions, the contact centers, the tellers and lenders all have access to the same information,” she said. PYMNTS has found that 32% of all consumers reported a decrease in the portion of their paycheck they are able to save, while 42% of struggling paycheck-to-paycheck consumers have cited such pressures. Consumers, then, can use a leg up, a bit of guidance, in making the leap from ambition to reality as they seek to improve their financial wellness. Since 63% of us live paycheck to paycheck, that means a significant percentage of us are encountering headwinds in getting where we want to go over the long term, financially speaking.