Today, we released our 2022 State of Consumer Money Movement Report providing an in-depth look into consumer preferences in how they bank, pay, and shop two years into the pandemic. This new report surveyed 4,000 consumers across the US, UK, and Australia in partnership with Propeller Insights and shows the increasing prevalence of mobile wallets, on-demand delivery and cryptocurrency in purchase preferences. It also highlights the continued steep declines in cash use and in-person banking.
Our report had some clear takeaways:
COVID-Driven digital payment adoption likely here to stay
According to our survey, all three continents reported high adoption of mobile wallets throughout the pandemic. Australia led the way, with over 80% of respondents saying they’ve used digital payments in the last 12 months, however, the US and UK are both seeing consumers drawn to fast, secure, and innovative digital payment methods.
The appetite for cryptocurrency payment solutions is high in all three continents
The report details how cryptocurrency has attracted the attention of consumers with more than a quarter of respondents saying they now own cryptocurrency. Consumers are open to new innovations in cryptocurrency as a payment method, opening the door for payment providers to invest in cryptocurrency solutions that enable cryptocurrency spending at the point of sale.
What’s next in global money movement? Consumers want convenient, flexible payments
Consumers are looking for continued innovation in how they bank, spend, and make purchases. We’re seeing a steep decline in in-person banking and cash use, with digital platforms gaining in adoption across the US, UK, and Australia. This report outlines the new modes of payment that are defining the future of global consumer money movement.
We discuss these details and more in our global 2022 State of Consumer Money Movement. Download the full report here: marqeta.com/resources/resource/2022-state-of-consumer-money-movement/