FOND DU LAC, Wis.–Forty percent of consumers are now making payments through branded “pay” apps, according to a new report.
The report, Morning Consult’s “The State of Consumer Banking – Q1 2022,” also found nearly a quarter are sending payments directly through a social media app or using a buy now, pay later (BNPL) service.
The report added that many consumers are using embedded finance payments daily without even realizing it or how the solutions work.
“While fintech companies are getting all the buzz regarding embedded finance, there is a role for traditional banks and credit unions—at least those that will be successful,” Info-Pro Lender Services said.
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