Magazine article ABA Bank Marketing

Social Payments: Still Mostly Gash, but Digital Payments on the Rise, Survey Says

Magazine article ABA Bank Marketing

Social Payments: Still Mostly Gash, but Digital Payments on the Rise, Survey Says

Article excerpt

AMERICANS ARE GROWING MORE COMFORTABLE WITH DIGITAL PAYMENTS, with 60 percent of respondents in a recent survey reporting that they make digital payments at least once a month by laptop or desktop computer. Thirty percent have made a payment via their mobile phone and 22 percent via their tablet, according to the results of the 2013 "How Americans Pay Each Other" survey by Fiserv Inc., a provider of financial services technology solutions.

Americans also confirmed that when they pay each other--especially when they pay relatives or friends--they mostly do so by cash or check, but they are warming to the idea of making these payments digitally. Seventy-nine percent of respondents said that they would be open to using a digital person-to-person payment service from their bank.

The survey of more than 2,500 Americans evaluated person-to-person payments, also known as social payments, providing insight's into who people are paying and how they are paying them.

According to the survey 88 percent of U.S. consumers have sent money to another person in the last 12 months. Among those, 56 percent used cash, 41 percent Lised a check and 31 percent used an online method such as a bank-based personto-person payment service or PayPal. The single most common way to exchange funds was giving someone cash in person, which accounted for one-third of all persontoperson payments. However, nearly one-third of respondents reported that they never have enough cash on hand to pay someone back, a number that rose to 39 percent among 18 to 24 year olds. …

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