Eye on Payments 2023: Digital Dominates Consumer Consciousness as Generational Differences Peak
Summary: Explore how digital solutions dominate consumer preferences and amplify generational differences in payments. The 2023 report uncovers why mobile wallets, rewards programs, and flexible payment options like BNPL are reshaping the way different generations transact. Learn how your credit union can leverage these insights.
In the sixth annual Eye on Payments study, PSCU surveyed 1,750 credit union members and financial institution customers across the U.S., revealing digital innovations as the driving force in consumer payment choices and highlighting stark generational divides. Key insights include:
- Nearly 4 in 10 consumers now regularly use mobile wallets at retail checkouts.
- 73% of Generation Z prioritize having a variety of payment options.
- 58% of consumers have embraced Buy Now, Pay Later (BNPL) programs.
- Rewards programs strongly influence card use for 60% of consumers, especially among older generations.
The report also includes actionable insights, illustrated through consumer personas such as the Rewards Enthusiast, to guide your credit union in enhancing member experiences and attracting diverse demographics.
Complete the form below to access the full 2023 study and learn how your credit union can leverage digital innovation to drive member engagement and loyalty.