PaySafe Releases New Survey on Spending Habits

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According to global payments platform Paysafe’s 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.

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 recognise.
• 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%).