New Study from ETA Member TSYS Finds Americans Embracing Leading-Edge Payments Tech like AI and Mobile Wallets
A new study from global payments processor and ETA member TSYS released Tuesday has found that emerging payment technologies are gaining widespread acceptance across age groups in the United States. The seventh annual TSYS U.S. Consumer Payment Study focused on exploring willingness of consumers to use leading-edge payments technology like AI-powered personal assistants, P2P payment options and digital wallets, the according to a release from the company.
Over half of survey respondents — 51 percent — said that they are interested in using a mobile wallet rather than a payment card when checking out of a store, up 11 points from 2016, the study found. Further, 68 percent of those who have added a debit or credit card to a mobile wallet like Apple Pay, Google Pay or Samsung Pay indicated they expect to make 50 percent or more of their purchases in-store using a digital wallet within the next two years.
And mobile wallets are not the only payments solution experiencing a surge in consumer interest, the report said. Of the 26 percent of American consumers who own an AI-enabled device like a smart speaker, 60 percent said they would use it to make purchases or payments, according to the study. For younger consumers aged between 25 and 44, the number increases to 76 percent. And according to the study, nearly 1 in 3 American consumers uses peer-to-peer networks like Venmo and Zelle, with almost half of consumers aged 25 to 34.
“Our latest study confirms that consumers are ready for change and adapting to the ever-evolving payments industry as new solutions are introduced. Because of this, retailers and payments providers can continue reimagining the digital purchase experience for consumers,” said Allen Pettis, Executive Vice President and Chief Customer Officer, Issuer Solutions at TSYS, in a release.
Though new channels for payment are growing in popularity, the study found that traditional bankcard services are still the most popular ways to pay, with debit (44 percent) and credit (33 percent) far outpacing cash (12 percent).
The survey was conducted by TSYS in October 2017 via an online consumer panel of 1,200 American consumers aged over 18. All respondents were required to have at least one credit and debit card to participate, according to the report.
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