The findings from Onbe, a corporate disbursements platform, show nearly 75 per cent of consumers preferred to make and receive payments using digital methods, including direct deposit and digital payments from peer-to-peer (P2P) applications or mobile wallets instead of cash or paper checks.
In its 2022 Future of Payments Survey, which surveyed more than 1,000 US consumers on their payment preferences, Onbe sought to learn what consumers value most when making and receiving payments. The company wanted to find out what payment methods they’re most open to, which newer payment technologies they plan to try and which modalities they’ll start to use less.
“Americans are seeking more diverse payment options across the board,” said Bala Janakiraman, CEO of Onbe. “As the covid-19 pandemic continued through 2021, less people were using cash and turned to a range of digital payment options from P2P apps to mobile wallets and this trend will only increase in 2022. As consumers place an emphasis on speed, choice and convenience, it’s clear that more companies will adopt digital payment options over paper checks cash and other traditional methods to meet consumer demands.”
Key 2022 Future of Payments Survey findings illustrate Americans’ payment habits in the current consumer landscape and how they will continue into the future:
- 74 per cent of consumers prefer to make payments using digital methods over traditional forms including cash or paper checks.
- 65 per cent of consumers believe digital payments are the most secure as opposed to other forms of payments, including money order, cash or check.
- Nearly one-third of respondents say they plan on using cash less frequently or not at all next year, while only eight per cent plan to use cash more.
- 37 per cent of respondents in the 18 – 24 age group say they plan to use cash and check payment methods less often or not at all in 2022.
- 46 per cent of all respondents own or plan to own cryptocurrencies within the next 12 months.
- 45 per cent of 35–44-year-olds use bitcoin/cryptocurrency compared to just 17 per cent of 45-64-year-olds.
