Eye on Payments 2022: Choice and Variety Drive Payment Preference Amid Economic Uncertainty
Summary: Amid economic uncertainty, consumers demand payment flexibility and variety. The 2022 Eye on Payments study reveals 61% of consumers are using more payment methods, 46% prefer debit cards, and 59% regularly use digital payments. Discover trends influencing payment choices and how credit unions can strategically adapt.
For the fifth consecutive year, PSCU surveyed over 1,750 credit union members and other financial institution customers nationwide to identify evolving payment preferences and behaviors amid economic uncertainty. Key insights from the 2022 report include:
- 61% of respondents now utilize a broader variety of payment methods compared to previous years.
- 46% of credit union members prefer debit cards as their primary payment method.
- Economic anxiety impacts decisions, with 86% expressing concern about the economy.
- Digital payments continue to rise, with 59% regularly or occasionally using digital payment solutions.
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