Restaurants’ Adoption of Digital Wallets Declines
Restaurant customers continue to look for frictionless payment options, but PYMNTS findings reveal that these technologies are becoming less widely available rather than more.
By the Numbers
Research from the latest edition of PYMNTS’ Restaurant Readiness Index, created in collaboration with Paytronix, which drew from an April survey of more than 500 managers of quick-service restaurants (QSRs) and full-service restaurants (FSRs) across the country, found that 73% offered digital wallet capabilities, down eight points from 81% in September 2021.
Read more: More Than Half of Restaurants Depend on Digital Sales, Despite Uptick in on-Premises Orders
The Numbers in Action
Tech providers are doing what they can to make it easy for restaurants to accept digital wallets. In late June, business software giant Oracle announced the launch of its Oracle Food and Beverage Payment Cloud Service, which accepts a range of contactless payment options, including mobile wallets.
See more: Revamped Restaurant POS Systems Put Payments Choice on the Menu
“The grace period is rapidly waning for restaurants to become a fully digital enterprise to meet customer expectations and better manage every piece of their operation — from inventory to service fees,” Dorothy Creamer, senior research analyst of Hospitality and Travel Digital Transformation Strategies at IDC, said in a statement featured in Oracle’s news release announcing the launch of service.