Consumer Payment Preferences and Behaviors - US - August 2016

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

TOC available on request

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