The use of digital payment types, such as mobile wallets, has been increasing in popularity among US consumers in recent years. While traditional plastic card payments still dominate, there is evidence to suggest that digital payments are becoming more widely accepted and used.
According to a 2021 survey by the National Retail Federation, 45% of US consumers reported using a mobile payment app in the past year, up from 36% in 2019. The survey also found that younger consumers are more likely to use mobile payments, with 67% of Gen Z and 59% of Millennials reporting using a mobile payment app in the past year.
Another study by The Ascent found that 52% of US consumers prefer to use digital payment methods, such as mobile wallets or online payments, over traditional plastic cards. The study also found that among those who prefer digital payments, mobile wallets were the most popular option, with 46% of respondents reporting that they use a mobile wallet for payments.
There are several reasons US consumers may prefer digital payment types over traditional plastic card payments. Mobile wallets offer convenience and speed, allowing users to make payments with just a tap or swipe of their phone. They also offer enhanced security features, such as biometric authentication and tokenization, which can help protect against fraud and identity theft.
However, it’s important to note that not all US consumers are comfortable with digital payment methods. Some may prefer the familiarity and simplicity of traditional plastic cards, while others may have concerns about the security and privacy of digital payments. Additionally, access to technology and internet connectivity can be a barrier for some consumers, particularly those in rural or low-income areas.
Overall, while traditional plastic card payments still dominate, there is evidence to suggest that US consumers are increasingly embracing digital payment types, such as mobile wallets. As technology continues to evolve and more consumers become comfortable with digital payments, we may see a further shift towards these types of payment methods in the future.