2024 State of Payments Report
The results are in. Companies that embed financial services into their native ecosystems can strengthen their businesses by improving customer loyalty and retaining valuable workers.
Consumers ditch their physical wallets for mobile payments
62% of global consumers surveyed say they’d feel confident leaving their physical wallet at home due to access to mobile wallets.
Top of wallet status is aspirational as consumers turn to mobile wallets that often default to their preferred method of payment. Brands have an opportunity to claim that digital seat by developing loyalty and reward programs that deliver seamless and dynamic experiences for their buyers.
Younger generations embrace brands and non-traditional financial providers
At a multi-national level, over a third of consumers are using digital banks, in addition to their primary banks.
Leading brands are primed to seize a tremendous opportunity to seamlessly integrate money movement experiences into their native app and deliver the type of bespoke payment methods consumers have been missing from traditional providers.
“We're entering an era where the largest demographic in the US—those 18-34 years old—are seeking fundamental changes in how they manage their finances and get paid, challenging banking and financial providers to innovate and meet these new expectations.”
Todd Pollak, Chief Revenue Officer, Marqeta
Instant payouts are becoming essential for workers
When it comes to how consumers get paid, instant pay options are becoming an important concept for the growing gig and shift economy.
With the vast majority of respondents signaling the desired frequency of their pay days (daily vs. bi-monthly), they also say that receiving immediate pay would attract them to use a gig-work platform. For those who do receive immediate pay, a whopping 88% say it makes them more likely to stay with an employer.
The rising power and relevance of P2P payments
Peer-to-Peer (P2P) payments are a go-to method for payments, particularly among younger generations. In many ways, it has become the de facto digital banking service in the U.S.
38% of consumers surveyed say their usage of P2P payments has increased in the past year. And not just for sending money to friends, either—signaling the importance of having an embedded financial hub for their money management integrated into the apps that they (and their contacts) use daily.
See what’s inside the rest of the report
Loyalty vs. curiosity
Why consumers are torn between traditional financial services providers and non-traditional providers
The great digital payments convergence
It’s happening, and with more financial services options than ever, consumer loyalty is on the line
A new sensitivity to surcharges & interchange fees
Why consumers are abandoning transactions with fees for using a credit card online or in-store at a POS
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