SCHAUMBURG, Ill.–How do consumers find out about new payments options, and why do they make the choices they do? A new survey offers some insights.
The survey by NMI of 1,000 consumers across various income brackets, regions and areas in October 2022, found:
- 46% of consumers find out about new payments technologies or capabilities with their current payments tool from their bank or financial institution while 38% learn about new technologies or capabilities from their credit or debit card issuer.
- 84% cite convenience as the No. 1 reason why they use their preferred payment methods, and just under half (49%) use these methods because they’re the fastest.
- 69% of consumers agree that they’re “always excited to try out new payments technologies or capabilities.”
- Younger consumers are even more likely to report eagerness: 83% of consumers ages 18-24 and 87% of consumers ages 25-40 agree or strongly agree.
- 69% of consumers have made in-person purchases using contactless payments technology in the past six months compared to 54% who have made a purchase using BNPL and 36% who have used biometric payment methods to make a purchase.
Other Findings
When asked which payment methods have you used for in-person, in-store purchases in the last six months, the survey found (multiple answers permitted):
- 2% haven’t made an instore purchase
- 81% used cash
- 24% used a check
- 81% used credit/debit card with chip
- 39% used a credit/debit card with magnetic stripe
- 30% used a contactless credit/debit card (i.e., card tap)
- 45% used a payments app such as Venmo, PayPal, Cash App
- 30% used mobile pay
- 11% used payment via QR code
- 6% used text-to-pay
- 9% used a biometric payment
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