More Consumers Turning to Digital Wallets to Manage Finances

BOSTON — Consumers facing financial pressure are increasingly turning to digital wallets not only for convenience, but also as a way to better manage their household finances, according to a new report from PYMNTS Intelligence.

The report, titled “The New Checkout: Crimped Consumers Lean Into Online Retail and Digital Wallets,” is based on a survey of 2,108 U.S. adults and found digital wallet adoption is growing fastest among younger consumers and those experiencing financial stress.

According to PYMNTS Intelligence, digital wallets are evolving beyond simple payment tools by offering features such as buy now, pay later options, real-time balance information and spending management tools that help consumers monitor their finances.

Among consumers experiencing high financial stress, 28% said they used a digital wallet for their most recent retail purchase, compared with 11% of consumers reporting low financial stress. For grocery purchases, 21% of financially stressed consumers used a digital wallet, more than double the 8% reported by consumers under less financial strain. Grocery wallet use among the high-stress group also more than doubled from 10% in March 2024.

Younger Consumers Lead the Way

Younger consumers continue to lead adoption. PYMNTS Intelligence reported that 36% of Gen Z consumers used a digital wallet for their most recent retail purchase in November 2025, up from 15% in March 2024. Across all consumers, digital wallet use for retail purchases climbed to 15%, representing a 50% increase over the same period.

The report also found consumers are increasingly using digital wallets across multiple shopping channels. In-store retail wallet usage increased 63% between March and November 2025, while online grocery usage rose 55% and in-store grocery usage increased 38%.

Consumers living paycheck to paycheck and struggling to pay bills also showed increased reliance on digital wallets. Twenty-two percent reported using a wallet for their latest retail purchase, up from 14% previously. PYMNTS Intelligence said embedded installment payment options and immediate access to account balances may be contributing to the increase.

The report said the findings present an opportunity for banks, fintech companies and digital wallet providers to position wallets as broader financial management tools by making repayment terms, account balances and transaction information easier for consumers to understand.

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