Eye on Payments 2020: Part III – The drivers behind consumer payment choice

Despite the uncertainty surrounding the COVID-19 pandemic, the main drivers behind a consumer’s choice in payment method – ease of use, convenience and speed – have remained consistent since 2019, which could likely indicate long-term shifts in consumer needs and behavior.

Welcome to part three of our blog series on Eye on Payments 2020. PSCU’s third annual consumer payments study examines payment preferences among credit union members and other financial institution customers (“non-members”) across the U.S. and how they evolved over the past year. For credit unions, the study shows how you can better meet these preferences and needs to drive member experience and growth.

In our second blog from our 2020 study, we explored how the pandemic has accelerated contactless payment adoption and usage, along with an increase in mobile wallet usage and digital banking. Today, we’ll dive deeper into the primary drivers behind consumer payment choice, as well as the importance of security, and debit – the preferred method of payment.

Consumers Prioritize Ease of Use, Convenience and Speed

For the second year in a row, ease of use, convenience and speed were the main factors in consumers’ purchasing decisions.

 

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