TD Cowen Consumer Payments Survey: Digital Wallets + Stablecoin Adoption

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TD Cowen Consumer Payments Survey: Digital Wallets + Stablecoin Adoption

TD SECURITIES (USA) LLC INDUSTRY UPDATE

May 21, 2026

■Computer Services & IT Consulting: TD Cowen Consumer Payments Survey:

Financial Technology

Financials: Consumer Finance Digital Wallets + Stablecoin Adoption■Diversified

■Payments

Bryan C. Bergin, CFA THE TD COWEN INSIGHT

646 562 1369

TD Cowen's Consumer Payments Systems Survey polled ~2,500 US consumers in April 2026

bryan.bergin@tdsecurities.com

to gauge usage, preferences, and engagement across digital wallets and emerging payment

Moshe Orenbuch methods, including stablecoins. PYPL leading US presence remains atop the group, while XYZ

646 562 1495 Cash App engagement breadth leads. Stablecoin awareness/usage nascence shows related

moshe.orenbuch@tdsecurities.com

V/MA market concerns appear overdone.

David Duka

646 562 1444 Digital Wallets: PayPal Maintains Scale, Apple Pay Wins on Engagement,

david.duka@tdsecurities.com Cash App Boasts Broadest Use Cases

Hoang Nguyen, CFA ■PayPal (PYPL) remains the clear leader on both scale (69% L6M use) & primary wallet status

646 562 1337 (45% most-used, rising w/ age), reinforcing its position as a default incumbent consumer-

hoang.nguyen2@tdsecurities.com facing payment platform.

■Apple Pay / Apple Wallet screens strongest on engagement quality, with highest

satisfaction (82% positive) & highest high-frequency usage (~33% using 10+ times/month),

suggesting deeper everyday utility among active users.

■Cash App (XYZ) shows the broadest multi-product engagement across payments, banking,

& investing, with meaningful usage across P2P (~47%), card (~44%), checkout (~38%),

savings (~30%), deposits (~21%), & lending (~18%), supporting the view that Cash App is