Transaction Trends

In latest Accenture North American Consumer Digital Payments Survey, respondents said they are using less cash today than they were a year ago, and anticipate using even less in the years to come. In 2016 just 60% of consumers stated that they use cash regularly as compared to 67% in 2015, and only 56% think they’ll be reaching for cash frequently by 2020.

With cash use down, credit card payments are on the rise in consumer preference, up three points to 53% from the previous year. Identifying areas of potential growth, the survey summary states, “While 63% of consumers participate in payments rewards programs, only 19% use rewards programs regularly. There is clearly room for improvement. For example, card linked offers can provide customers more of what they want at the moment they need it instead of after the fact. It’s about delivering payments experiences at the speed of life without friction.”

While mobile payments were flat year-to-year, remaining at 19%, 56% of those surveyed voiced awareness of mobile payments as an option at retailers, up 3 percentage points over 2015. Satisfaction among mobile payments users is high, with 79% rating their experience positively. 73% cited traditional card providers cards as the payments provider they trust most for mobile payments, when compared to alternative payment providers, established retail banks, large tech companies and tech start-ups,

The survey of 4000+ North American consumers confirmed that Millennials and mass affluents are the pioneering mobile payments users, with 32% and 27% respectively using mobile P-2-P payments, while only 18% of the general population takes advantage of the option.

Read the full Accenture Digital Payments Survey Summary here.