Perhaps Unsurprisingly, Americans Keep More Cash in Their PayPal Accounts than Wallets
8-28-2018
Shocking! Well, not that shocking.
According to a study from Logica Research released last week, Americans on average keep more money in their PayPal digital wallets than they do cash in their physical wallets. According to the study, among Americans with PayPal accounts, the average balance of their digital wallet is $485. Physical cash on hand, however, stacks up less than half as much at $196 on average.
So why keep so much money in a digital wallet like PayPal? According to the survey, most who keep money in their PayPal accounts do so to maintain a balance for transactional purposes. Fifty-five percent like to keep money in the account for other payments, 25 percent find it easier to track expenses, and 19 percent prefer it to a bank account. The remaining fifth do so because they haven’t gotten around to moving the funds, the survey found.
The digital payments and mobile wallet service is popular among consumers, the survey posits. Fifty-eight percent of Americans surveyed have a PayPal account, the study found. With 237 million active accounts according to PayPal, the study notes that PayPal transacted over $2.2 billion in the first quarter of 2018.
Click here to read more about the survey.
About ETA
The Electronic Transactions Association (ETA) is the world’s leading advocacy and trade association for the payments industry. Our members span the breadth of significant payments and fintech companies, from the largest incumbent players to the emerging disruptors in the U.S. and in more than a dozen countries around the world. ETA members make commerce possible by processing approximately $56.75 trillion annually in purchases and P2P payments worldwide and deploying payments innovation to merchants and consumers.
ETAs membership spans the breadth of the payments industry to include independent sales organizations (ISOs), payments networks, financial institutions, transaction processors, mobile payments products and services, payments technologies, and software providers (ISV) and hardware suppliers. For more information, visit electran.org.
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