Obviously not a huge surprise as checks have been declining for a long time. More surprising is that the survey discovered that 46% of respondents either own, or plan to own, cryptocurrencies over the next 12 months and that 45% of 35–44-year-olds currently use cryptocurrencies:
“Key 2022 Future of Payments Survey findings illustrate Americans’ payment habits in the current consumer landscape and how they will continue into the future:
• 74 percent of consumers prefer to make payments using digital methods over traditional forms, including cash or paper check.
• 65 percent of consumers believe digital payments are the most secure as opposed to other forms of payments, including money order, cash or check.
• Nearly one third of respondents say they plan on using cash less frequently or not at all next year, while only 8 percent plan to use cash more.
• 37 percent of respondents in the 18-to-24 age group say they plan to use cash and check payment methods less often or not at all in 2022.
• 46 percent of all respondents own or plan to own cryptocurrencies within the next 12 months.
• 45 percent of 35–44-year-olds use bitcoin/cryptocurrency compared to just 17 percent of 45-64-year-olds.
To view the full Future of Payments Survey report, visit https://www.onbe.com/future-of-payments.”
Overview by Tim Sloane, VP, Payments Innovation at Mercator Advisory Group
