US consumers keen on adopting emerging payment options – TSYS study

Friday 30 March 2018 11:53 CET | News

US consumers are favouring emerging payment services such as digital wallets and peer-to-peer payments, according to the TSYS` US Consumer Payment Study.

The key findings of the study:

  • 26% of the respondents own an artificial intelligence-powered (AI) personal assistant, of which 60% use the device for making purchases;

  • 76% of customers aged 25-44 used the device for making payments;

  • Security is the key concern for those avoiding AI purchases, with the fear more pronounced in older Americans;

  • The number of consumers making in-store purchases with smart phones increased from 7% in 2015 to 12% in 2017;

  • Mobile wallet is favoured over payment card for store checkout by 51% of the respondents;

  • 68% of the respondents who loaded a debit or credit card to a mobile wallet plan to make 50% or more purchases in stores through a digital wallet;

  • 29% of the respondents used a P2P payment service such as PayPal, Venmo or Zelle, with the figure increasing to 45% in case of respondents aged 25-34;

  • Consumers’ usage of banking apps rose from 46% in 2015 to 63% in 2017;

  • 44% of consumers prefer to pay in debit, 33% in credit, and 12% in cash.

TSYS US Consumer Payment Study was conducted on over 1200 US consumers with the main purpose to track their key attitudes and behaviors around payments.

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Keywords: US, retail, ecommerce, payments, TSYS, card, Zelle, P2P payments, Venmo, PayPal
Categories: Payments & Commerce | Payments General
Countries: World
This article is part of category

Payments & Commerce