Last week, a number of America’s top banks, including Bank of America, Wells Fargo, JPMorgan Chase, and more, announced plans for a new digital wallet. The upcoming product from Early Warning Services, the joint bank venture behind Zelle, will enter the arena as a competitor to PayPal and Apple Pay sometime this year.
CivicScience wanted to gauge consumer interest in the banks’ new digital wallet offering. More than one-quarter of U.S. adults (27%) are at least ‘somewhat likely’ to use the new product – with 9% coming in at ‘very likely.’ Although a majority clock in at ‘not at all likely’ (56%), it’s not exceedingly high for a product that hasn’t been formally announced and detailed yet.
A strong majority of Gen Z adults (60%) are at least ‘somewhat likely’ to try the new digital wallet – with 23% clocking in at ‘very likely,’ more than doubling the Gen Pop (which isn’t surprising, given younger adults are more likely to embrace digital payment apps in general). Millennials aren’t too far behind (17% at ‘very likely’), but both older age brackets (35 and older) fall beneath the Gen Pop’s interest levels.
The banks spearheading a new digital wallet certainly might create an opening to reach people who have lower trust levels for digital payment solutions. One-tenth of U.S. adults who trust banks ‘much more than digital solutions’ would be very likely to sign up for the new wallet from the banks behind Zelle. Conversely, consumers who trust digital solutions more than banks also report much higher levels of interest in the new digital wallet compared to the Gen Pop. So this could make for an effective hybrid.
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