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The way Americans pay continues to evolve, driven by technology and shifting consumer habits. Our latest Logica Future of Money Study shows that digital and mobile payments continue to gain traction. More than half (52%) of Americans now use their phones for in-person transactions. This trend is led by younger generations with 69% of Gen Zers and 65% of Millennials reporting using their phones for in-person purchases.
When making mobile payments, Americans are most likely to use their linked debit card, with 63% using their linked debit card at all, and 36% saying they use their linked debit card the most for in person mobile payments. Debit cards are closely followed by credit cards (55% use their linked credit card, and 29% say they use their credit card the most). These are followed by PayPal, Venmo, and Cash App for in person mobile payments, showing the transition to digital platforms.
At the same time, our study shows credit card usage still remains high across the country as a means to pay. Eight in ten (80%) of Americans have a credit card—with each person holding an average of nearly three (2.8) cards each. Boomers bring the national average up, with an average of over three cards (3.4) in their wallets. Older generations prefer credit cards for rewards, while younger consumers use them to build credit.
Payment preferences have changed rapidly over the past several years with an increase in digital payment options and new entrants like Cash App. Are you optimizing your customer experience for your customer payment needs? Let us help.
Download the Highlight Report from the Logica Future of Money Study to learn more about payments and how to access the Future of Money Insights Kit.
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