2023 State of Payments
Marqeta surveyed 4,000 consumers across three countries for its fourth annual State of Payments Report, exploring consumer purchase preferences and the patterns in their shifting behavior.
In partnership with Propeller Insights, Marqeta conducted a survey of over 4,000 consumers across three countries, 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 that technology like contactless payments and peer to peer apps are no longer novelties. Instead, consumers are adopting banking and payment tools, often working with multiple financial services providers, including a combination of traditional institutions and embedded financial services.
80% of US consumers reported using peer-to-peer (P2P) payment transactions
86% of US mobile wallet users have made a purchase via a retailer’s embedded mobile app
56% of US respondents said they would consider getting financial services from a non-financial provider.
The preference for integrated payment solutions is driving the adoption of embedded financial services
According to the survey, 86% of US mobile wallet users have made a purchase via a retailer’s embedded mobile app in the last 12 months, compared to the UK (72%) or Australia (60%), with a stronger rewards system being a driver for the uptick. In addition, the demand for frictionless checkout was high, with 42% of respondents saying they have abandoned a purchase because it required them to download a new app or payment method.
Consumer loyalty and habit act as a counterbalance to the adoption of emerging technologies and services.
The report details how consumers were influenced by loyalty when it comes to their banking preferences. The majority of respondents (71%) reported being satisfied with their primary banking provider, and only 13% said they had begun working with their primary bank less than a year ago.
Consumers are using multiple payment tools and banking providers to meet their needs.
With the adoption of digital payment methods and banking services reaching mainstream levels, consumers are balancing loyalty with their preference for a seamless, branded experience in both payments and banking services.