What Form Of Payment Do Most People Use To Make Their Purchases? This New Study Has The Answer

When it comes to making payments for purchases, there are several methods that reign supreme.

Be it debt cards and credit cards to online payment apps too- the list is truly endless. And we won’t be lying when we say that ever since the arrival of the pandemic, many people have been left with no option but to go cashless. After all, it’s pure convenience at its best. But wait, that’s not the only reason.

Today, more and more Americans are resorting to mobile wallets when shopping online as per the latest data from CivicScience. Moreover, close to 35% of users make use of some kind of mobile payment application, and that has a changing frequency when doing purchases online. Now the question is which one reigns supreme against all others.

It’s PayPal that tends to scream as a top choice among the masses for obvious reasons. No matter if the transaction is done online or in-person at stores, so many individuals are always going to use PayPal as compared to other options.

In second place, it’s Apple Pay is said to take the next spot in the race, beating out Google Wallet by miles. And that is known to further increase in popularity when paired against other dealings taking place online.

When at the store, PayPal falls behind by close to seven percent points while Apple Pay attains an advantage of close to two percent points when compared to the online rival. But no matter what, PayPal being used in stores is definitely a limited affair and most people undermine its function as a e-wallet too.

Today, most Americans resort to either online payments done through a phone or are willing to go in that direction as they’re yet to embrace it. Now, the reasons why are actually twofold.

For starters, people using mobile apps for their payments are quite hesitant and start to express major concerns regarding how safe these really are. And studies prove that the older you get, the more concerned you become about factors like these.

Meanwhile, the second barrier is linked to convenience. Most people feel that mobile apps aren’t great at offering the best convenience when compared to classic modes of payment. And so the only way to sway them in that direction is by proving to them that they’re more convenient than classic means of purchasing goods. And if that’s done correctly, it could really help persuade a giant sector of the population into providing mobile payments the right chance to get things done.

Another interesting finding that we saw through this study is how the younger lot are the ones using mobile apps for payments more than anyone else. We’re talking about those below the 35-year age group.

The study showed how close to 10% of the entire Gen Z population used mobile apps as their main choice, as compared to 1% of those who were above the age of 55.

Those keeping such apps as a priority were also on the lookout for more alternatives in the world of finance. For example, close to 15% of the lot expressed how keen they were on the concept of buying now and making the payment later, while 38% claim to be already using this means.

And those who relied on mobile apps for their purchases claim to hold a positive perspective about their finances and therefore held greater optimism regarding the future and how it could improve in a better way with time.

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