U.S. consumers want fast, convenient payment methods, and younger generations are adopting nonbank providers to meet their expectations. A new survey from Federal Reserve Financial Services found that 78% of consumers chose faster payments as a preferred option — and half held balances at nonbank providers.
Instant payments specifically have caught the attention of consumers, and they're looking to their financial institutions to provide them.
These survey findings offer banks and credit unions insights into the payment trends of U.S. consumers, including differences in behaviors among generations.
Discover:
- Which emerging payment methods are leading the way in consumer adoption
- What consumers say are their biggest payment pain points
- The instant payment uses cases that consumers are prioritizing
- Top reasons consumers are adopting instant payments
- Differences in payment method usage and financial relationships among generations
- How financial institutions can use instant payments to attract customers, improve satisfaction and lower risk of attrition