According to a recent survey, 58% of US consumers expect all payments will be digital in the near future. This percentage increases to 67% when polling a younger demographic – more specifically, Millennials.
Banking platform provider Temenos (SIX: TEMN) surveyed 2000 adults about their purchasing habits as paying via digital services – like Apple Pay – becomes more commonplace.
The survey shares that 71% use online banking to make payments, with 36% making payments digitally, including ACHs and wire transfers.
53% use Venmo or PayPal, while 41% use either Apple Pay or Google Pay.
24% never use cash at all.
Just 16% pay with crypto.
Temenos anticipates these data points will continue to increase following the introduction of FedNow – an instant transfer service provided by the US Federal Reserve that is used by banks but can be offered to their customers.
One-third of US consumers say transfers are too slow and too expensive yet big concerns when paying digitally are fraud and privacy.
The survey finds that Gen Z (18 to 25-year-olds) and Millennials (26 to 41-year-olds) are the most dissatisfied with the speed and cost of bank transfers.
Patrick Gauthier, Chief Executive Officer of Convera, a payments provider says the move to a cashless society is gaining momentum. Gauthier notes that this is a global phenomenon driven by demand.