Marqeta report: 77% of Gen Z prefer mobile payments

Friday 27 May 2022 11:13 CET | News

Global card issuing platform Marqeta has released its 2022 ‘State of Consumer Money Movement’ report analysing consumer payments, banking, and shopping preferences, as well as digital adoption rate.

The company surveyed over 4,000 consumers in three continents, including 1,000 UK respondents and revealed that 61% of consumers are now comfortable with contactless payments. Most respondents said that they are confident enough to leave physical wallets at home and complete payments through their mobile devices. The digital adoption rate is even higher among Gen Z, with 77% of them preferring mobile payments as opposed to cash payments.

Marqeta’s research also revealed that contactless payments have increased in popularity, with 96% of the surveyed UK customers saying they made at least one contactless payment in 2021. As a result, almost half of them (42%) don’t even remember their card PINs as they become used to contactless payment methods. 

The COVID-19 pandemic was the propeller of a digital and mobile payments shift, with Marqeta’s survey mentioning that 63% of consumers believe cash will eventually become obsolete. Moreover, a third of the respondents would not be affected if all physical branches of their bank would close for good. 

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: report, survey, mobile payments, contactless payments, cashless, card scheme, credit card, debit card, mobile money, digital wallet, e-wallet
Categories: Payments & Commerce
Companies: Marqeta
Countries: United Kingdom
This article is part of category

Payments & Commerce


Discover all the Company news on Marqeta and other articles related to Marqeta in The Paypers News, Reports, and insights on the payments and fintech industry: