[eMarketer] Consumer payment trends augmented by economic uncertainty

Forty-four percent of global consumers have changed their online payment habits partly due to the rising cost of living, according to a Paysafe report published in June, which included a survey of 11,000 consumers across 10 countries.

52% of consumers use cash less often as prices rise.

40% say they prefer payment methods that let them keep track of spending more accurately.

36% of consumers also said they prefer using contactless payments.

And 33% said they prefer payment methods that don’t require sharing their financial details online.

The Personal Consumption Expenditures price index rose 6.3% annually in May, holding steady from April, per the US Commerce Department. Although price increases have cooled slightly from March’s 40-year high, consumers feel little relief and have shifted their purchasing and payment habits.

eMarketer says that solutions like Apple Card’s category-based insights and Amex’s digital receipts give consumers greater visibility into their finances and can help them better manage their spending in the wake of economic uncertainty. Investing more into these services can help payment providers better serve their customers and increase loyalty.

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