Pidgin’s Publishes New Whitepaper that Explores Digital Wallet Adoption & Implications for Financial Institutions
Pidgin’s latest whitepaper delves into consumer behavior regarding digital wallet usage and what it means for financial institutions’ payment strategies
ATLANTA–(BUSINESS WIRE)–Pidgin, a secure, real-time payments platform built for the future of payments, published its newest whitepaper, “A2A Consumer Behaviors: How FIs Can Capture Digital Wallet Market Share.” This free resource, which is available for download, examines how financial institutions can drive deposits and expand market share through instant payments innovations.
Today, nearly half of consumers, 48%, use digital wallets and for 67% of those users, convenience is their primary reason for using them. Pidgin’s whitepaper explores how digital wallets have evolved beyond their initial use cases and delves into the consumer behavior driving these use cases.
Most importantly, the piece outlines what these trends mean for financial institutions and how they can use these trends to inform their payment strategies. As the U.S. market continues to integrate with faster payment rails and consumers and businesses alike demand more instant payment experiences, banks and credit unions have a unique opportunity to capture additional market share and drive deposit growth.
“While customers may not be walking into their local bank asking for instant payments, their behavior, especially when it comes to digital wallets, is a clear indication that real-time payments are something they now expect,” said Abhishek Veeraghanta, founder and CEO of Pidgin. “As of 2023, 48% of U.S. consumers utilize digital wallets for their payment needs, a notable rise from 38% in 2021. This behavior shift is disrupting traditional financial services players and our latest whitepaper examines how institutions can adapt to these trends to capture market share among both retail and merchant customers.”
To read the full eBook, visit Pidgin’s website and get your free copy here.
About Pidgin
Pidgin is a new, innovative and secure faster payments ecosystem, enabling financial institutions, business owners and individuals to process transactions faster and with lower fees. Engineered to deliver innovation both today and in the future, no matter how payments evolve, Pidgin allows financial institutions to send and receive faster payments almost instantly, but in a more secure way than virtual wallet alternatives. When using Pidgin, money is kept within the financial institution, as opposed to a holding account owned by a fintech provider. For more information, please visit www.pidgin.net or follow them on Twitter @PidginPayments and LinkedIn.
Contacts
Mallory Griffin
[email protected]
706-830-0868
