Adoption of digital wallets by restaurants is decreasing
Restaurant customers continue to seek frictionless payment options, but PYMNTS results reveal that these technologies are becoming less widely available rather than more.
Research from the latest edition of PYMNTS’ Restaurant Readiness Index, created in collaboration with Paytronix, which is inspired by an April survey of more than 500 quick-service restaurant (QSR) managers and full-service restaurants (FSRs) across the country, found 73% offered digital wallet capabilities, down eight points from 81% in September 2021.
Read more: More than half of restaurants rely on digital sales, despite rise in on-site orders
The numbers in action
Technology providers are doing what they can to make it easier for restaurants to accept digital wallets. In late June, enterprise 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 Payment Choices on the Menu
“The grace period is rapidly shrinking for restaurants to become a fully digital business to meet customer expectations and better manage every element of their operation – from inventory to service charges,” Dorothy Creamer, senior research analyst digital transformation strategies for hospitality and travel at IDC, said in a statement to Oracle’s press release announcing the launch of the service.