2021 Eye on Payments: Part 2 – Continued growth of mobile wallets, digital payments and contactless cards
Over the past few years, digital payments, mobile wallets and contactless cards have been embraced by U.S. consumers – and their adoption was further accelerated by the COVID-19 pandemic. While the surge of these emerging payments might have started as consumers looked for cleaner forms of payment that limited physical contact, the use of mobile wallets, contactless cards and digital payments will only continue to rise now that consumers have experienced their convenience and ease of use.
Welcome to Part 2 of our blog series on PSCU’s 2021 Eye on Payments, our fourth annual consumer payments study released on Oct. 26. Eye on Payments examines payment preferences among credit union members and other financial institution customers (“non-members”) across the U.S., including how they evolved over the past year. The study also explores how and why payment method preferences differ among generations and regions. Key takeaways are also provided that credit unions can implement to better meet evolving payment preferences and member needs.
In this second blog from our 2021 study, we highlight the continued growth of mobile wallets, digital payments and contactless cards.
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