US Payment Preferences Market Report 2023
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Stay ahead of the curve in the US finance market with Mintel’s US Consumer Payment Preferences Market Report. Our full report is packed with consumer-led market intelligence, the latest consumer payment trends, and analysis of future trends and market opportunities. You’ll receive insights from our comprehensive consumer payments market research that will help you align your business strategies with audience demands.
While credit cards remain the top overall payment preference, Gen Z consumers far prefer using debit cards and cash. Gen Z’s aversion to credit cards suggests a future in which consumers alternate between an array of physical and digital payments rather than simply choosing between debit and credit.
Overall, consumers’ appetite for digital payments continues to expand rather than consolidate, broadening the competitive landscape.
To learn more about future trends in US payment preferences and opportunities for the financial services market, purchase our full US consumer payment preferences market report. For more information on the industry, take a look at our extensive financial services market research.
PayPal, Cash App, Venmo, Zelle, Apple Pay, Google Pay, Perpay, Extra.
This report, written by Patrick Rahlfs, a senior analyst in the financial services sector, delivers in-depth commentary and analysis to highlight current payment trends in the US finance industry and add expert context to the numbers.
The past couple of years have seen a rare reversal in trends within payment preferences, with credit cards declining as a top choice and cash climbing back upward. Recent economic developments have had a significant impact on the payments space, with the pandemic driving digital payment adoption and inflation causing consumers to extend their usage of credit cards to deal with rising prices. A recognition from consumers of the dangerous compounding effects of higher card balances and rising interest rates has driven a resurgence of positive attitudes toward cash and debit as responsible ways to make payments and manage budgets.
Patrick Rahlfs
Senior Research Analyst
Mintel provides a range of market information, frequently through the category level, including market size and forecasting, complete with market drivers that illustrate the forces that shape a category or market.
Mintel’s proprietary consumer research provides our analysts with the attitudinal and behavioral data used to provide valuable insight to topical issues.
Mintel provides overviews of the top brands and manufacturers, and uses consumer research to explore attitudes and reactions to brands, as well as insight into what will resonate with consumers.
Market reports provide appendices of data to support the research and insight produced. Our databooks* are easily manipulated and downloadable to support your research needs and covers factors from consumer attitudes to market forecasts.
*databooks not available with UK B2B Industry reports.
Please Note: This is a sample report. All of the figures, graphs, and tables have been redacted. Our reports are available to download in PDF and PPT formats.