Paysafe Finds More Than 1 in 3 Americans Have Permanently Changed their Payment Habits Following the Pandemic

Rhea-AI Summary

Paysafe (NYSE: PSFE) research reveals that 67% of U.S. consumers actively use contactless payments, a significant shift since early 2020. The study, conducted by Sapio Research in April 2022 with 2,000 participants, shows 39% of Americans have permanently altered their payment methods. Additionally, preferences vary based on purchase size: cash is favored for small items, while debit and credit cards dominate larger purchases. CEO Afshin Yazdian emphasizes the necessity for merchants, especially SMBs, to adapt by providing diverse payment options to enhance customer relationships.

Positive

• 67% of consumers now regularly use contactless payments.
• 39% of consumers have permanently changed their payment methods since early 2020.
• The research highlights the importance of diverse payment options for merchants.

Negative

• None.

Paysafe research reveals two thirds of U.S. consumers now use contactless payments in-store

LONDON--(BUSINESS WIRE)-- Over a third (39%) of American consumers have permanently changed how they pay since early 2020, when the COVID-19 pandemic began, reveals research by leading specialized payments platform Paysafe (NYSE: PSFE). The study, which is released today, also shows that contactless payments have gone mainstream.

The consumer research, which was carried out by Sapio Research on behalf of Paysafe, surveyed 2,000 U.S. consumers in April 2022.

Paysafe’s new data on the state of in-store payments signals to merchants and small and medium-sized businesses (SMBs) the importance of offering broader payment choices for their customers. The research’s key highlights include:

• The adoption of contactless payments has accelerated
  The report shows that two-thirds of consumers (67%) indicate that they now regularly make contactless payments with their credit or debit card, and over a third (37%) make NFC-enabled payments with their smartphone or even a wearable device. One in ten consumers (9%) say that all their transactions are now contactless.

• The way consumers pay depends on what’s being purchased
  The survey results also reveal that consumers make more use of cash for small-ticket purchases, such as pastries (46%) or takeout food (30%). Customers, however, prefer debit and credit cards or mobile wallets for larger ticker items such as a restaurant dinner, a tank of gas, or when clothes shopping.

Afshin Yazdian, CEO of Paysafe, U.S. Acquiring, said: “After the comeback of in-person activities and retail in the U.S., brick-and-mortar merchants – especially SMBs -- have the chance to win new customers and strengthen their relationships with their existing clientele by exceeding their expectations. Offering a quick and easy checkout, no matter how customers choose to pay, is imperative.”

To view the report, click here.

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About the research: For this report, Paysafe commissioned its Lost in Transaction, a global and annual payments trend study conducted by Sapio Research, which surveyed 2,000 U.S. consumers online during the month of April 2022.

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About Paysafe Limited
Paysafe Limited (“Paysafe”) (NYSE: PSFE) (PSFE.WS) is a leading specialized payments platform. Its core purpose is to enable businesses and consumers to connect and transact seamlessly through industry-leading capabilities in payment processing, digital wallet, and online cash solutions. With over 20 years of online payment experience, an annualized transactional volume of over US $120 billion in 2021, and approximately 3,500 employees located in 10+ countries, Paysafe connects businesses and consumers across 100 payment types in over 40 currencies around the world. Delivered through an integrated platform, Paysafe solutions are geared toward mobile-initiated transactions, real-time analytics and the convergence between brick-and-mortar and online payments. Further information is available at www.paysafe.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220622005132/en/

Nilce Piccinini, Director, Corporate Communications, Americas, Paysafe

E: Nilce.Piccinini@Paysafe.com

Source: Paysafe

FAQ

What is the significance of Paysafe's recent research on contactless payments?

The research indicates a substantial shift towards contactless payments in the U.S., with 67% of consumers using this method regularly.

When was the consumer survey conducted by Paysafe?

The consumer survey was conducted by Paysafe in April 2022.

What percentage of American consumers have changed their payment habits since the pandemic?

39% of American consumers have permanently changed how they pay since the pandemic began.

What payment methods do consumers prefer for small versus large purchases?

Consumers prefer cash for small purchases and debit/credit cards for larger transactions.

How does the research affect small and medium-sized businesses (SMBs)?

The research suggests that SMBs must offer a variety of payment options to attract and retain customers.