Debit Still Reigns Supreme As Alternative Payments Make Gains
For both the online survey and the focus groups, consumers were asked questions about how they currently pay for various purchases and specifically when they use a debit card versus a credit card, cash, checks or another form of payment. We asked questions regarding their overall preferred method of payment, what features are of the most value (including rewards), what changes they’ve seen over the last year and what new financial service features they’d find of most interest. We also asked the survey respondents and the focus group participants questions about cards that combine payment types and what would influence them to obtain a card or payment device from an entity other than their financial institution.
Through the in-person focus groups, we were able to have an interactive discussion regarding payment choices and influencers, awareness and interest in smartphone-enabled payments and overall opinions and experiences. This report provides the findings from the research and is organized as follows:
- SUMMARY OF STUDY’S KEY FINDINGS
- DETAILED FINDINGS
- Consumer Payment Choice and Decision Drivers
- Consumer Perceptions of the Value of Payment Card Features and Changes in Payment Type Usage
- Rewards Programs and Generational Behaviors
- Consumers Commitment to One Payment Form Over Another: What Influences Them to Change?
- Considerations With Online and Mobile Purchases/Payments
- Alternative Payment Offerings, Including “Combo” and Hybrid Cards