Over a third (39%) of American consumers have permanently changed how they pay since early 2020, when the COVID-19 pandemic began, according to research by specialized payments platform Paysafe. The study also shows that contactless payments have gone mainstream.
The consumer research, which was carried out by Sapio Research on behalf of Paysafe, surveyed 2,000 U.S. consumers in April 2022.
Paysafe’s new data on the state of in-store payments signals to merchants and small and medium-sized businesses (SMBs) the importance of offering broader payment choices for their customers. The research’s key highlights include:
- The adoption of contactless payments has accelerated
The report shows that two-thirds of consumers (67%) indicate that they now regularly make contactless payments with their credit or debit card, and over a third (37%) make NFC-enabled payments with their smartphone or even a wearable device. One in ten consumers (9%) say that all their transactions are now contactless.
- The way consumers pay depends on what’s being purchased
The survey results also reveal that consumers make more use of cash for small-ticket purchases, such as pastries (46%) or takeout food (30%). Customers, however, prefer debit and credit cards or mobile wallets for larger ticker items such as a restaurant dinner, a tank of gas, or when clothes shopping.
Afshin Yazdian, CEO of Paysafe, U.S. Acquiring, said: “After the comeback of in-person activities and retail in the U.S., brick-and-mortar merchants – especially SMBs -- have the chance to win new customers and strengthen their relationships with their existing clientele by exceeding their expectations. Offering a quick and easy checkout, no matter how customers choose to pay, is imperative.”
View the report here.