Payments
Consumers embracing digital payment channels
Photo by istock.com
February 11, 2022
Nearly three-fourths of consumers prefer to make and receive payments via digital methods, including direct deposit and digital payments from P2P applications or mobile wallets.
That's a prime finding of an Onbe report called the 2022 Future of Payments Survey.
The survey polled more than 1,000 U.S. consumers on payment preferences and likelihood of adopting new payment technologies.
"Americans are seeking more diverse payment options across the board," Bala Janakiraman, Onbe CEO, said in a press release on the findings.
Additional findings include:
- 74% of consumers prefer to make payments using digital methods over traditional forms, including cash or paper check.
- 65% of consumers believe digital payments are the most secure as opposed to other forms of payments, including money order, cash or check.
- Nearly one third plan on using cash less frequently or not at all next year, while only 8% plan to use cash more.
- 37% of respondents in the 18-to-24 age group plan to use cash and check payment methods less often or not at all in 2022.
- 46% of all respondents own or plan to own cryptocurrencies within the next 12 months.
- 45% of 35- to 44-year-olds use bitcoin/cryptocurrency compared to just 17% of 45 to 64-year-olds.
