Business
New Marqeta Research: Americans Are Happy To Swap Physical Wallets for Mobile Phones, Contactless Payment Use Trails Key Global Markets
46% of US respondents said they’ve used a form of contactless payments in the last 7 days, compared to 80% in the UK and 69% in Australia. Three out of five
About this update from Marqeta, Inc.
[{"type":"text","content":"\n\n46% of US respondents said they’ve used a form of contactless payments in the last 7 days, compared to 80% in the UK and 69% in Australia.\n\n\n\nThree out of five 18-34 year old US consumers surveyed said they would get their financial services from a non-traditional financial services provider, such as a tech company or retailer.\n\n\n\n90% of US consumers who get paid immediately said it makes it easier to plan for finances and increases financial peace of mind.\n\n\n\n OAKLAND, Calif.--(BUSINESS WIRE)--\nThe US is seeing high demand for innovative new payment solutions, reveals recent data from Marqeta (NASDAQ:MQ). Marqeta, the global modern card issuing platform powering some of today’s most innovative embedded finance solutions, today released its fifth annual 2024 State of Payments Report, surveying 4,000 consumers across three continents. The research highlights the massive market potential and demand in the US market, with a strong desire for modern payment solutions and embedded finance offerings, particularly among Gen Z and Millennials. This contrasted with lower penetration of modern payment behaviors in the US, with US contactless adoption rates and mobile banking lower than in the UK and Australia. Forty-six percent of US respondents said they’ve used a form of contactless payments in the last seven days, compared to 80% in the UK and 69% in Australia, while 56% of Americans surveyed said they’ve used their mobile banking app in the last seven days, compared to 71% in the UK and 67% in Australia.\n\n\nConsumers Ditch Physical Wallets For Mobile Payments\n\n\nMarqeta’s 2024 State of Payments Report dives into consumer preferences for how they earn, spend and manage their money. The data indicates that while US adoption amongst those surveyed is lower than in the UK and Australia, there has still been significant movement in consumer preferences from physical to mobile solutions, including in banking and wallet use. Most global consumers reported frequently interacting with their mobile banking apps, with ATM use secondary and physical branch visits a distant third. Twenty-nine percent of US consumers surveyed reported using an ATM in the last seven days, compared to 36% in the UK and 30% in Australia, with 21% visiting their physical branch, higher than both the UK and Australia at 12% and 14% respectively. Whe...