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Seniors can’t get no satisfaction from today’s digital wallets

A new white paper from Netcetera says banks should be doing more to adapt and extend their digital wallet offering to those over 65 as cash use declines and commerce goes digital.

Although the last twenty-five years have seen a revolution in human behavior every bit as profound as the industrial revolution two hundred years ago, fewer than half of those over 65 currently use a digital wallet, compared to 80% of 35-50 year olds[1].

As cash and cheque use declines across the Americas, Europe and Asia, with fewer than 20% of transactions in the Netherlands and UK employing cash[2], seniors are going to need access to digital wallets that are tailored to their needs.

The requirement to adapt wallets for senior use becomes more acute considering the rising importance of digital commerce: this year, online shopping will account for 10% of the entire economy in Germany and the UK, and an even higher figure in China.

Talking about their generation: is your mobile app ready for older users? outlines the reasons why banks and other financial services companies should be adapting their mobile app for the flower power generation – and outlines specific elements in design and functionality to help seniors adopt wallets.

As well as encouraging the uptake of wallets among seniors, adapting wallet products for seniors’ needs will help banks to build relationships and cross-sell new digital services to a generation looking to enjoy retirement.

The requirement for two-factor authentication (2FA) as mandated by the EU’s second payment services directive (PSD2) is a great example of how to flex the design of a wallet to meet seniors’ needs.

Given the challenges some older adults can face with remembering passwords and personal identification numbers (PINs), face ID or other biometric factors can be enabled on a senior’s wallet to make necessary 2FA easier.

Colors and fonts can be easily adapted using User Interface (UI) “widgets” created in base code, including icons, text, and other graphic elements.

Netcetera has deep experience in developing flexible wallet solutions focused on user needs and tailored user experiences.

The ToPay Mobile Wallet solution includes a fully modular architecture that is available on iOS and Android operating systems and is compliant with the latest regulatory and security standards, including requirements for 2FA.

As Europe’s population ages and older generations’ demographic expands, making sure your digital products work for this segment is a great strategic choice that will ensure the relevance and profitability of your services in the decades ahead.

Tune in to the vibe on why and how your company should adapt its wallet for the Woodstock generation. Download a free copy of the whitepaper here.

[1]Mobile Wallets after COVID-19

[2] See data from Payments Cards & Mobile’s Digital and Card Payment Yearbooks 2021-22:


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