The Modern Consumer Demands Payment Choice

Worldwide spending habits have changed, with people demanding greater choice in how they pay and expressing concern over the possibility of losing cash as a payment option, says research from Paysafe.

The global payment processor shared findings from its independent research report—Inside the Wallet: How Consumers are Spending and Saving in 2024—that surveyed 14,500 people across different countries and age groups on their financial habits and preferences.

It says 56 percent of people have altered their habits compared to a year ago, now wanting to choose freely between cash, cards, digital wallets and bank transfers for their transactions. 43 percent reported abandoning an online shopping cart when businesses did not offer their payment method of choice.

63 percent were concerned by the prospect of not being able to pay with cash, with a further 44 percent saying ‘they want to be able to buy goods or services online and pay for them in cash at a local store.’

Security and privacy were people’s chief concerns around payments, which are strong suits of cash that are increasingly rare and valuable in a digital world. 54 percent of those surveyed cited security in a business’s payment process as an important factor when deciding how to purchase online and two thirds said they prefer buying from a business when they know measures are in place to protect their data.

Budgeting—another area in which cash offers benefits—is also a key issue, with 39 percent of people saving less than six percent of their income each month and 14 percent saving none at all.

The overall message is clear: people demand payment choice and, whether or not they use cash on a daily basis, most want physical money to be readily available and usable so it’s there when they need it.