In a study conducted by Blackhawk Network, findings show that even though mobile wallets are now used by 25% of smartphone owners, traditional payment methods are still contenders amongst shoppers in the US. Blackhawk Network surveyed the payment methods of Americans to know, "How America Pays in 2015: Traditional, Digital and Mobile Convergence in Payments."
Key findings include:
- Cash, checks, cards are still the most used payment methods with select digital offerings close behind. Shoppers used the following payment methods over the last year:
- 93% used cash
- 68% used debit cards
- 68% used checks
- 67% used credit cards
- 62% used PayPal
- 48% used retailer gift cards
- 45% used Visa or MasterCard gift cards
- 33% used prepaid debit cards
- 14% made mobile payments on smartphones or tablets
- New payment methods are growing, cash and checks are declining: 68% of mobile payment users report that they are using the alternative payment methods more than last year. Cash and checks saw the greatest declines in use overall.
- Gift cards’ popularity is significant: 87% of consumers surveyed think merchant-specific gift cards are convenient to use, even higher than bank-connected debit cards (82%). Additionally, gift cards are now mainstream payment methods with almost half of consumers (48%) using them in the last year.
- Mobile - Enabling Technologies wallets now used by 25% of smartphone owners. What do consumers place in their mobile wallets? 64% of users have debit cards in their mobile wallets, 58% have credit cards and 45% have gift cards.
- Cash and cards considered most convenient payment methods; checks and bitcoin least convenient. When asked to select the most convenient payment methods, consumers selected cash (93%), credit cards (92%), PayPal (90%), and retailer-specific gift cards (87%). Ranking most inconvenient were bitcoin and checks.
- Blackhawk Network Shopper study found that 2015 is the year of traditional, digital and mobile convergence in payments. More than 1000 Americans were surveyed.
"Our findings prove that payments is (are) not either/or when it comes to legacy payments versus emerging products; it's really about convenience and providing a mix of options," said Teri Llach, Chief Marketing Officer at Blackhawk Network. To access the full infographic detailing the payments research, click here.
About Blackhawk Network
Blackhawk Network Holdings, Inc. is a leading prepaid and payments global company, which supports the program management and distribution of gift cards, prepaid telecom products and financial service products in a number of different retail, digital and incentive channels. Blackhawk’s digital platform supports prepaid across a network of digital distribution partners including retailers, financial service providers and mobile wallets.