Data Snacks, Member Exclusive

Data Snack: Behind the mismatch between consumer payment preferences and what their actual experiences

  • Consumers are embracing the move to digital, with 74% preferring to make payments digitally.
  • When it comes to receiving disbursements from firms, American consumers report speed, choice, and convenience as top factors.
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Data Snack: Behind the mismatch between consumer payment preferences and what their actual experiences

The vast majority of US consumers prefer to make and receive payments using digital methods. A belief that digital transactions are safer than traditional payment methods is driving this behavior. 

For brands looking to succeed in the payment space, it is becoming increasingly important to understand consumer behavior, like what sort of payments they’re using; what they value the most in the payment process;  and which newer technologies they plan to try.

Onbe’s Future of Payments report takes on some of these questions. The report was drafted out of 1,191 American consumers’ responses, who were asked to complete a 17 question survey.

The shift of preferences to digital

Ever since the pandemic, global finance has accelerated its move to digital, carrying the momentum in 2022. With the rise of services like P2P payments, mobile wallets, bank prepaid cards, and shopping preferences moving from in-store to online, consumers have come to embrace the new digital payment ecosystem.

 


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