2022 Future of Payments Survey identifies how digital payments have increased in popularity as consumers value choice, speed and convenience in payment methods
Onbe, a market-leading corporate disbursements platform, revealed the findings of its 2022 Future of Payments Survey, which surveyed more than 1,000 U.S. consumers on their payment preferences and likelihood of adopting new payment technologies. Nearly three fourths 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.
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In its annual survey, Onbe sought to learn what consumers value most when making and receiving payments, 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.”
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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 percent of consumers prefer to make payments using digital methods over traditional forms, including cash or paper check.
- 65 percent 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 8 percent plan to use cash more.
- 37 percent of respondents in the 18-to-24 age group say they plan to use cash and check payment methods less often or not at all in 2022.
- 46 percent of all respondents own or plan to own cryptocurrencies within the next 12 months.
- 45 percent of 35–44-year-olds use bitcoin/cryptocurrency compared to just 17 percent of 45-64-year-olds.
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