Consumer Payment Preferences and Behaviors - US - August 2016
"Increases in consumer spending and interest in technology foster a payments environment ready for continued innovation. Purchases via card are climbing, but consumers don’t feel totally comfortable leaving their house without cash. In a world where our lives are so digitized and move so quickly, financial institutions need to do more to allay security concerns; most consumers still do not feel comfortable embracing new forms of payment technology, including mobile pay. Younger consumers are more willing to embrace technological advances like P2P (peer-to-peer) payments, but the older audience remains skeptical."
- Jennifer White Boehm, Associate Director - Financial Services
This report discusses the following key topics:
Consumers are slow to adopt new payment methods
Retailers are slow to adopt new payment systems
Worries about security surround mobile payment systems
Consumers are uncomfortable leaving home without cash