2 PAYMENT METHOD PROFILES: DIGITAL WALLETS
Contactless Profile and Utilization Trends
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Contactless Utilization
Graph 2.27
As shown in Graph 2.27, CMSPI estimates contactless utilization has grown from 18% in January 2023 to 51% in June 2025. While there has already been an observable trend in the growth of digital wallets, that trajectory is likely to continue across the U.S. as Generation Z’s spending power grows. As of 2022, nearly three-quarters of U.S. consumers had used some form of mobile payment up from 10% in 2012. 380 According to an online consumer survey of 2,000 banked Americans conducted by Forbes in August 2023, 64% of respondents said they used digital wallets as least as often as traditional payment methods, with members of Generation Z (18–26 year-olds) being the most likely to adopt digital wallets for their primary shopping at 91%. 381 Millennials are also major adopters with 67% actively using digital wallets and 44% of Generation X using them. 382 The top reasons consumers identified for using digital wallets for a purchase included convenience (41%), availability of rewards (23%) and ability to track recent purchases (16%). 383
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