Young People Are Changing the Way Payments Are Made
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Multicultural Consumer

Young People Are Changing the Way Payments Are Made

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The postpandemic payment landscape is rapidly evolving, with new payment technologies gaining traction. The US has lagged behind a number of European and Asian countries in digital payments adoption, but a recent survey by The Conference Board of 2,000 multicultural consumers in the US shows a significant evolution in the payments landscape is well underway.

The postpandemic payment landscape is rapidly evolving, with new payment technologies gaining traction. The US has lagged behind a number of European and Asian countries in digital payments adoption, but a recent survey by The Conference Board of 2,000 multicultural consumers in the US shows a significant evolution in the payments landscape is well underway.

Insights for What’s Ahead

  • Inflation and the exhaustion of savings from pandemic support payments have likely driven higher credit card use and alternate forms of payment. Twenty-eight percent of respondents—and even more in the Hispanic, younger, and higher-income segments—report using their credit cards more in the last six months, a possible sign of increased financial stress.
  • Compared to other consumer segments, younger consumers (under the age of 35) have increased their use of credit cards, which potentially has negative implications for their household balance sheets in a rising interest rate environment.
  • Our survey respondents’ use of person-to-person (P2P) payment apps (such as Zelle, Venmo, or Cash App) has grown over the last six months, with 26 percent saying they have increased their use. In a nation with 307 million smartphone users, the trend is toward digita

Author

Brendan Hasenstab

Brendan Hasenstab Brendan Hasenstab

Former Senior Writer, Marketing & Communications C…
The Conference Board

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