Why CFIs Should Focus on Getting Digital Wallet Share

By 2027, half of all e-commerce transactions will go through digital wallets, as will one-third of point-of-service transactions. Why? Convenience is king, and it’s infinitely easier to pay with a phone that’s already in your hand than to dig around a pocket or purse for a wallet, then pull out a card. 

The challenge for community financial institutions (CFIs) is to get their own cards into a customer’s digital wallet before someone else does. Once a payment card is in the top position in a digital wallet, a customer is less likely to change the card’s spot. CFIs that proceed slowly and cautiously can find themselves losing the race to more nimble providers who gain top-of-wallet positions first. 

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