Digital Payments News

Paysafe Finds More Than 1 in 3 Americans Have Permanently Changed their Payment Habits Following the Pandemic

Paysafe Finds More Than 1 in 3 Americans Have Permanently Changed their Payment Habits Following the Pandemic
Paysafe research reveals two thirds of U.S. consumers now use contactless payments in-store

Over a third (39%) of American consumers have permanently changed how they pay since early 2020, when the COVID-19 pandemic began, reveals research by leading specialized payments platform Paysafe (NYSE: PSFE). The study, which is released today, also shows that contactless payments have gone mainstream.

Latest Fintech News: Finastra and ITC Infotech Extend European Partnership to Deliver Treasury Automation in the Cloud

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:

Latest Fintech News: VCTI Introduces Broadband Infrastructure Investment Analytics for Private Equity Firms

  • 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 imperativ

Latest Fintech News: Global-e to Acquire Borderfree Cross-Border ecommerce Service from Pitney Bowes

[To share your insights with us, please write to sghosh@martechseries.com]

Related posts

Klaytn Launches Its New NFT Minting Service

Fintech News Desk

Comerica Bank Processed Approximately 13,000 Paycheck Protection Program Loan Applications for Customers, Funding of $4.1 Billion

Fintech News Desk

Einvestment Fund Analysts Report the Shift of Investments in Fintech Sector Towards B2B in 2020

Fintech News Desk
1