Payments

Paysafe study finds customers want payment choice, cash access

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August 16, 2024

A study by Paysafe called "Inside the Wallet: How consumers are spending and saving in 2024" found that customers are increasingly concerned with payment choice with 63% worried about loosing access to cash due to retail cashless initiatives. In addition, 44% said they would want to be able to buy goods online and pay for them in cash at a retail location, according to a press release.

Key findings in the report include:

• 43% abandoned carts if they didn't get their payment option of choice.
• 54% point to security as being key when purchasing online.
• 36% of 18–43-year-olds are comfortable with AI-powered payments.
• 53% use debit cards for purchases compared to 32% for digital wallets.
• 56% said they are earning just enough to cover expenses.
• 60% of respondents and 72% of Gen Z expressed confidence about their financial future.

"Consumers are comparison shopping more than ever, not only to find the best deal but the best payment experience that delivers choices, security, and speed, and keeps them coming back. As consumers' financial situations and priorities shift, businesses need payment partners that have a track record of offering innovative payment options that attract a wide pool of consumers — from younger to older and every age in between," Bob Legters, SVP or product at Paysafe, said in the release.