The Lure of Payment Method Rewards
Millennials Will Use Their Bank Accounts to Pay Merchants If It Comes With Rewards
Millennials are most likely to express interest in using pay by bank transfers at retail — but only if they don’t have to give up rewards to do it. PYMNTS’ latest study of 2,056 U.S. consumers, “New Payment Options: The Lure of Payment Method Rewards,” a collaboration with Nuvei, examines the demand, and raises questions about the business models needed to get these early adopters on board.
Inside the May Playbook
- 20%: Share of millennials who do not use any payment method when they cannot earn points or rewards
- 29%: Portion of millennials interested in online bank transfer for retail transactions if they are able to earn points or rewards
- 35%: Share of Gen X consumers who prefer to use a payment method because of the ability to earn points or rewards
