Nearly 40% of Americans Permanently Changed Payment Habits Following Pandemic, Paysafe Research Reveals

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 specialized payments platform Paysafe (NYSE: PSFE).

The study also shows that contactless payments have “gone mainstream.”

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:

  • 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 imperative.”

To view the complete report, check here.

For this report, Paysafe commissioned its Lost in Transaction, a global and annual payments trend study conducted by Sapio Research, which “surveyed 2,000 U.S. consumers online during the month of April 2022.”

As covered, Paysafe Limited claims to be “a leading specialized payments platform.” Its core purpose is “to enable businesses and consumers to connect and transact seamlessly through industry-leading capabilities in payment processing, digital wallet, and online cash solutions.”

With over 20 years of online payment experience, an annualized transactional volume of over US $120 billion in 2021, and approximately 3,500 employees located in 10+ countries, Paysafe “connects businesses and consumers across 100 payment types in over 40 currencies around the world.”

Delivered through an integrated platform, Paysafe solutions “are geared toward mobile-initiated transactions, real-time analytics and the convergence between brick-and-mortar and online payments.”

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