NEW YORK—A growing number of consumers—especially those with low incomes—are using fintechs, a new study reveals.
The “Disbursements Satisfaction 2022: The Role of FinTechs” study shows that in a survey of over 3,600 United States consumers, 39% use fintechs in some capacity, whether as their primary or secondary financial institution.
The report was conducted by Pymnts.com in collaboration with Indigo Money.
“This indicates that at least 68 million U.S. consumers use fintechs to some extent, often to receive or send money in peer-to-peer fashion,” Pymnts.com said.
However, the study states that “fintechs are especially popular among low-income consumers who live paycheck to paycheck with issues paying bills,” with 39% of consumers in that bracket using fintechs and 22% using them as their primary FI.
Among consumers who do not live paycheck to paycheck, only 14% use fintechs as their primary FI, Pymnts.com said.
“They are more likely to use fintechs as secondary FIs, with 26% doing so,” the study found.
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