People are becoming increasingly comfortable with different ways to pay. Whether it’s older generations embracing digital channels or more people saying they see digital wallets as secure, it is clear consumer perceptions are evolving.
Expectations & Experiences: Consumer Payments, the latest consumer trends research report from Fiserv, highlights how people choose to pay bills, other people, and for goods and services.
Several types of online transactions show modest increases over last year, including automatic/recurring payments. Boomers and seniors often show the largest increases, though still trailing younger generations overall.
The proportion of consumers not paying any bills via online or mobile has declined significantly, particularly among older consumers.
Users like the convenience of P2P, while nonusers say lack of knowledge about security, among other reasons, keep them from using the service.
Conducted by The Harris Poll on behalf of Fiserv, Expectations & Experiences is one of the longest running surveys of its kind and builds on years of longitudinal consumer survey data. The survey provides insight into people's financial attitudes and needs, enabling organizations to design and drive adoption of services that improve consumer financial health, loyalty and satisfaction.
Expectations & Experiences: Consumer Payments highlights consumers' use of different payment methods and reveals their perceptions of payments technology and barriers to adoption.