Study reveals consumers’ current favorite ways to pay among traditional, contactless payment methods
ATLANTA, Aug. 30, 2022 /PRNewswire/ — InComm Payments, a leading payments technology company, today released its 2022 Annual Payments Report, which found that consumers identified convenience and ease-of-use as the top factors influencing their choice of payment method. These factors coincide with a growing preference for contactless payment methods, specifically Tap & Go and mobile wallets, which rounded out consumers’ five favorite ways to pay behind debit, credit and cash. The report drew responses from more than 3,200 U.S. consumers in June 2022.
“Brands and retailers should pay attention to shifting consumer preferences to ensure they can meet expectations for convenient payment experiences,” said Brian Parlotto, Executive Vice President at InComm Payments. “Our report highlights trends and attitudes around traditional and emerging payment methods, examining how consumers navigate the wide range of payment options available today.”
When asked about the personal payment apps (PPA) and mobile wallets they use and recognize, a little under half of surveyed consumers said they used a PPA, while one quarter of surveyed consumers said they used a mobile wallet recently. Moreover, approximately two-thirds of PPA users said they were satisfied with their chosen app, and nearly three-quarters of mobile wallet users expressed satisfaction with their payment method. PayPal remained the most popular mobile wallet among respondents, while Ca$h App and Zelle saw the largest increase in reported use.
Consumer awareness of QR code and barcode payments was flat year over year, but those who recently used the payment method reported an increase in every perceived benefit of the technology, from fast and easy-to-use to reliable and secure. QR code and barcode payments were the only method in this year’s report to experience an increase in every type of benefit perceived by users.
Overall, traditional payment methods such as debit, credit and cash remain highly ranked by consumers, although satisfaction and use of credit declined year over year. The survey also captured how consumers would plan to pay in specific situations, such as making an everyday in-store purchase or sending money to someone they personally know, and identified differences in payment methods among generations.
To view the full 2022 Annual Payments Report, click here.
InComm Payments is an innovative global payments technology provider. Leveraging dynamic technology and proven expertise, InComm Payments delivers enhanced end-to-end payment platforms and emerging financial technology solutions through a single integration, helping businesses grow across a wide range of industries including retail, healthcare, tolling & transit, incentives, mobile payments, digital currencies and financial services. By enabling omnichannel connections and alternative payment options to an ever-expanding consumer base in an increasingly digital ecosystem, InComm Payments creates seamless and valuable commerce experiences across the globe. With three decades of experience, over 525,000 points of retail and online distribution, 420 global patents and a presence in more than 30 countries, InComm Payments leads the payments industry from its headquarters in Atlanta, Ga. Learn more at www.InCommPayments.com.
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SOURCE InComm Payments
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