NEW SURVEY PEEKS 'INSIDE THE WALLET' TO LEARN MORE ABOUT CURRENT FINANCIAL TRENDS AND SPENDING HABITS

Rhea-AI Summary

Paysafe's 'Inside the Wallet' report reveals significant changes in global consumer spending habits and payment preferences. 56% of consumers have altered their spending habits in the past year, becoming more price-conscious and demanding diverse payment options. Debit cards (53%) lead as the most frequently used payment method, followed by bank transfers (39%), credit cards (33%), and digital wallets (32%).

Security is crucial, with 54% of consumers prioritizing secure payment processes when shopping online. Interestingly, 36% of 18-43-year-olds are comfortable with AI in payments, compared to 33% of those 60 and over who are uncomfortable. The survey also highlights financial challenges, with 39% saving less than 6% of their income monthly and 14% not saving at all, largely due to increased living costs.

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On the day this news was published, PSFE gained 4.87%, reflecting a moderate positive market reaction.

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LONDON, Aug. 15, 2024 /PRNewswire/ -- When it comes to spending habits and payment options, the times are a-changing! According to global payments platform Paysafe's (NYSE: PSFE) report, 'Inside the Wallet: How consumers are spending and saving in 2024', over half of consumers worldwide (56%) have changed their spending habits from a year ago, not only becoming more price conscious but demanding payment choice, from debit cards and bank transfers to digital wallets and cash.

Experience the full interactive Multichannel News Release here: https://www.multivu.com/players/English/9278351-paysafe-consumer-spending-habits-report/

Some more findings include:

• Debit cards (53%) are the top payment method being used more frequently this year vs last year, but bank transfers (39%), credit cards (33%), and digital wallets, such as Skrill, (32%) have also increased in popularity, with new payment methods and platforms beginning to emerge.
• More than half of people (54%) said that security in a business's payment process is an important factor when deciding where to shop online. While two-thirds of consumers reported feeling better buying from a business if they know there are security steps in place to protect their data or if they see a payment option they recognize.
• Over a third (36%) of 18-43-year-olds are fully comfortable with AI being used to improve payments. This compares to 33% of those aged 60 and over who are uncomfortable with the idea of AI in payments.
• As many consumers live paycheck to paycheck, the opportunity to save has decreased, with 39% saving less than 6% of their income each month and 14% not saving at all. The inability to save can be attributed to an increase in the cost-of-living, with respondents reporting that they're spending more on everyday necessities like groceries (66%), utilities (57%) and essential consumer goods (51%).

In this interview, Bob Legters, Paysafe's SVP Product talks more about this survey and does a deep dive on how Americans are using their money – from general spending habits to trends in payment. He also breaks down generational differences in spending vs. saving. Lastly, he discusses how consumers can be sure that their payments are secure and shares his tips on how to have sound financial health.

For more information, please visit www.paysafe.com

Produced for: Paysafe

View original content:https://www.prnewswire.com/news-releases/new-survey-peeks-inside-the-wallet-to-learn-more-about-current-financial-trends-and-spending-habits-302223706.html

SOURCE Paysafe

FAQ

What are the top payment methods being used more frequently in 2024 according to Paysafe's report?

According to Paysafe's 'Inside the Wallet' report, debit cards (53%) are the top payment method being used more frequently in 2024, followed by bank transfers (39%), credit cards (33%), and digital wallets (32%).

How has consumer spending changed in the past year based on Paysafe's survey?

Paysafe's survey reveals that 56% of consumers worldwide have changed their spending habits from a year ago, becoming more price-conscious and demanding a variety of payment options.

What percentage of consumers prioritize security in online shopping payments according to Paysafe's report?

Paysafe's report indicates that 54% of consumers consider security in a business's payment process as an important factor when deciding where to shop online.

How do younger generations view AI in payments compared to older generations, as per Paysafe's survey?

According to Paysafe's survey, 36% of 18-43-year-olds are fully comfortable with AI being used to improve payments, while 33% of those aged 60 and over are uncomfortable with the idea.

What percentage of consumers are saving less than 6% of their income monthly, according to Paysafe's 'Inside the Wallet' report?

Paysafe's 'Inside the Wallet' report reveals that 39% of consumers are saving less than 6% of their income each month, with 14% not saving at all.