Community banks really need to get on the digital wallet train!

By 2027 half of all e-commerce transactions will go through digital wallets. Community banks need to get their own cards into a customer’s digital wallet before someone else does. It is critical to get your card in the top position in a customer’s digital wallet. Banks can offer several incentives for this, which include cash back, promotions, top-of-wallet rewards, and referral bonuses. It is also critical to understand who is leading the mobile wallet pack and what the regulatory landscape looks like. This episode reviewed an article from Banking Dive titled “Digital wallet use outpaces regulators” and a blog post from PCBB titled “Why CFIs should focus on getting digital wallet share.” Links to the article and blog post are included below.

Link: Digital wallet use outpaces regulators | Payments Dive

Link: Why CFIs Should Focus on Getting Digital Wallet Share