As part of our fifth annual State of Payments Report, we surveyed 4,000 consumers ages 18 and above across the United States, the United Kingdom, and Australia to explore consumer purchase preferences—and how their shifting expectations are shaping the consumer payment solutions of tomorrow.
As Gen Z and Millennials continue to seek modern payment solutions, brands that can meet consumer demand throughout the money lifecycle—pay, keep, spend—will be well positioned to enjoy increased customer loyalty. And forward-looking companies know that the fintech landscape is always changing—so staying on top of consumer preferences is paramount.
“The economic landscape is shifting as younger generations enter the shift and gig workforce more frequently, fueling demand for dynamic financial solutions.
We're entering an era where the largest demographic in the US—those 18-34 years old—are seeking fundamental changes in how they manage their finances and get paid, challenging banking and financial providers to innovate and meet these new expectations.”
Todd Pollak, Chief Revenue Officer, Marqeta
That’s where the Marqeta 2024 State of Payments Report comes in. Download it today for a comprehensive look at the strong desire and rising demand from consumers for modern payment solutions, cutting-edge banking services, and embedded finance offerings. We’ve included a wealth of helpful stats, compelling comparisons by country, and actionable guidance for businesses who are ready to embrace the future of payments.
Here are a few key takeaways.
The U.S. is trailing other countries in mobile banking and contactless payment adoption—despite high demand
Only 46% of U.S. respondents said they’ve used a form of contactless payment in the last 7 days, compared to 80% in the U.K. and 69% in Australia.
Consumers are increasingly comfortable with digital payments and mobile wallets
71% of all U.S. consumers surveyed expressed that they were neutral or didn’t have any worries about moving to a cashless society. Almost one-third of U.S. customers reported using cash less than they did 12 months ago, and 28% said they now feel awkward paying with cash.
Younger generations are leading the move to non-traditional financial providers
42% of U.S. consumers surveyed said they would get financial services from a non-traditional provider, including a social media platform, retailer or tech brand. Among U.S. consumers 18-34, the positive sentiment is even higher, at 63%.
In the growing gig and shift economy, instant payouts are a key differentiator for workers
Among U.S. respondents who consider themselves part of the gig economy, 87% said immediate pay would attract them to use a gig work platform. And 90% of US consumers who got paid immediately said it makes it easier to plan for finances and increases financial peace of mind.
Peer-to-peer (P2P) payment methods are more important than ever
Seven of 10 consumers surveyed have used a P2P app, with 89% of respondents saying their usage had increased or stayed the same within the past 12 months.
The time for transformation is here
We’re in the midst of a massive transition in how consumers interact with money. Consumers are more open than ever to embedded financial services, P2P apps, and other modern financial tools. And success in evolving your brand into a trusted financial services provider starts with maintaining flexibility and agility in meeting consumers’ needs—at every part of the money lifecycle.
Read the full 2024 State of Payments Report for our complete findings and the insights you need to adapt your business to consumers’ ever-evolving financial wants, needs, and demands.
