Other key findings from the study include:

While convenience and ease of use ranked as most important, security and safety are still influential factors. Nearly four in 10 consumers agreed they make decisions about how to pay for something based in part on which is the most secure.
Consumer preference gravitated from credit to debit since last year. Survey results in 2018 indicated a slight preference toward credit (44%). In 2019, the preferred tender for both credit union members and non-members was debit (45%). Debit cards were preferred across all generations, at the majority of purchase locations and in most retail situations.
Nearly 96% of all survey respondents reported making online purchases at least a few times per year, with 57% of credit union members and non-members making an online purchase at least a few times per month. Overall, respondents prefer to pay for online purchases, order-ahead food and streaming services with a debit card.
Mobile wallet usage is on the rise, with three out of every 10 survey respondents reporting they use a mobile wallet to make purchases and nearly half using their mobile phones to make payments or do banking. Mobile wallet usage is even higher among the younger generations: six in 10 Gen Z and millennials reported using a mobile wallet, with almost half using the technology at least a few times per month.
Despite the early stages of contactless card issuance by financial institutions, about one-fourth of respondents have a contactless card and use it at least a few times per month. Of those that have and use a contactless card, convenience, ease/speed of use and security are the primary motivators for doing so, while the primary reason consumers do not use their contactless card is due to lack of acceptance at stores they frequent.

"Consumer preferences, expectations and demands are constantly changing and shifting," Pierce said. "Through research gathered in 'Eye on Payments,' our goal is to arm credit unions with the information they need to keep a pulse on and remain close to their members so they can be nimble in evolving their payments strategies to drive member experience and growth."

Instant Insights /

Convenience Eclipses Security as Key Driver Behind Consumer Payment Needs: PSCU

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