Payment preferences continue to evolve as consumers’ expectations change. Concerns about the current economic outlook and personal financial health are increasing – along with demand for convenience, flexibility and security – and influencing which payment methods are top of wallet and mind.
Of consumers report credit is now their preferred payment method instead of debit. Gen Z, Younger Millennials and Older Millennials are leading the overall shift to credit, while debit reigns supreme in the Gen X and Boomer+ generations.
Of CU members are concerned about identity theft as fraud incidents increase. This emphasis on security could be a factor in the growing preference for paying with credit cards and mobile wallets due to the additional layers of security and tokenization.
Of younger generations pay more now with a credit card than a few years ago. Gen Z and Millennials continue to be the most prolific users of mobile wallet technology, contactless cards, P2P payment accounts and BNPL programs compared to older generations.