Consumer use of digital wallets and third-party payments at small businesses has doubled in two years, but more and more consumers are saying they avoid small businesses that have experienced a data breach, according to new research from Bank of America.
The survey of 522 small business owners and 509 U.S. consumers, done in conjunction with Forrester Consulting, found that 10% of consumers now choose to pay with digital wallets when they're shopping at small businesses. That number was just 5% in 2017. Online shoppers' use of third-party payment methods such as PayPal spiked from 11% in 2017 to 27% in 2019 as well.
"Today's consumers are constantly looking for easier, faster and safer ways to shop – both in-store and online," Bank of America Merchant Services Small Business GM Sydney Ivey said.
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