Consumer Behavior

Majority of customers prefer digital payments

Image via Istock.com

February 22, 2022

A survey by Onbe, a corporate disbursements platform, found 74% of 1,000 consumers prefer digital payment methods to traditional forms. In addition, 65% believe digital payments are more secure than cash, check or money order, according to a press release.

"Americans are seeking more diverse payment options across the board," Bala Janakiraman, CEO of Onbe, said in the release. "As the COVID-19 pandemic continued through 2021, less people were using cash and turned to a range of digital payment options from P2P apps to mobile wallets and this trend will only increase in 2022. As consumers place an emphasis on speed, choice and convenience, it's clear that more companies will adopt digital payment options over paper checks, cash and other traditional methods to meet consumer demands."

Other findings include:

• Nearly one-third say they plan on using cash less frequently next year.
• 46% own or plan to own cryptocurrency in the next 12 months.
• 45% of 35- to 44-year-olds use cryptocurrency.