Digital wallet program expected to boost 2024 retail sales by only 1% from our prior estimate
- The digital wallet program, which specifies conditions for locations and types of stores, as well as cash withdrawals, may affect consumer spending behavior and merchant participation, especially among small retailers. The relatively complex conditions may result in fewer participating stores than expected.
- If the digital wallet program can be implemented as planned, it is expected that retail sales may grow at 4.0 percent YoY in 2024, against the 3.0 percent growth projected previously without any stimulus measures.
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