58% of Americans Expect Payments to All Be Digital as Fewer Consumers Pay with Cash

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.

 


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