2022 State of Consumer Money Movement
What happens when the new normal becomes plain old normal? In partnership with Propeller Insights, Marqeta conducted a survey of 4,000 consumers across three continents.
In partnership with Propeller Insights, Marqeta conducted a survey of 4,000 consumers across three continents, including 2,000 in the US, to get a sense of current consumer purchase preferences and how they want to pay, bank, and shop. The survey shows the increasing prevalence of mobile wallets, on-demand delivery and cryptocurrency purchase preferences:
71% of US consumers surveyed used a mobile wallet in the last 12 months
56% of US consumers surveyed felt comfortable leaving their wallets at home and taking their phones with them to make payments
38% of US consumers surveyed own cryptocurrency
Mobile wallets became mainstays during the pandemic According to the survey, US consumers who reported using a mobile wallet in the past 12 months increased from 64% in late 2020 to 71% in 2022. This increase, in addition to the 64% increase in adoption a Marqeta survey showed from 2019 to 2020, demonstrates that the surge in mobile wallet usage post-pandemic may have cemented itself and grown further.
The explosion of digital banking options replaces physical experiences The report details how global consumers were three times more likely to say that they used their bank’s mobile app regularly than visit a bank’s physical branch regularly. With more than one-third of consumers saying that they wouldn’t be impacted if physical bank branches were to close tomorrow, digital experiences are staking their claim in the post-pandemic era.
Consumer purchase preferences continue to evolve in the post-pandemic normal Beyond the point of sale, consumer preferences are evolving rapidly as people adjust to a post-pandemic normal that blends old and new purchase behaviors. This report outlines the new modes of payment that may define the future of global consumer money movement.