NEW DATA: Half of Millennials Now Use Mobile Wallets to Pay for Healthcare Services

Though one might expect consumers to adapt their payment methods according to the product or service they are paying for, PYMNTS’ research has found the opposite. In practice, consumers have similar payment preferences when paying for healthcare as they do when paying for other goods and services, including retail and groceries. Despite having a wealth of payment options, most consumers — especially those who are financially stable — prefer credit and debit cards to newer, trendier payment methods.

In general, most consumers are creatures of habit and attempt to maintain some level of consistency when paying for different services. Constantly evolving payment habits and preferences mean that changes may be on the horizon, however, and healthcare organizations should be ready for these changes.

For “The ConnectedEconomy™: Patients Prefer Payment Consistency,” a PYMNTS and CareCredit collaboration, we surveyed 2,760 consumers to determine how consumers are opting to pay for their care and forecast the future of healthcare payments.

Key findings from the report include:

Consumers’ payment habits are consistent, whether they are paying for healthcare or other goods and services. Credit cards were the most utilized form of payment when paying healthcare costs online, with 30% of patients opting for this method. This mirrors their popularity with other types of purchases. Debit cards were the second-most used method, as 28% of respondents used this payment method for healthcare expenses.

Patients’ in-person payment patterns do not differ much from their digital ones, although debit cards take the lead over credit in this form. PYMNTS’ research finds that debit cards are the most utilized form of payment when paying for healthcare costs in person, as 33% of patients choose this payment method.

Changes might be on the horizon as consumers remake the rules and norms governing the payments landscape, forcing prudent healthcare organizations to consider new and nontraditional payment methods.

To learn more about today’s consumer payment preferences regarding healthcare expenses and their potential impact on tomorrow, download the report.