A report on payment preferences has found 77% of Gen Z consumers prefer mobile payments as opposed to cash payments.
Global card issuing platform Marqeta found 61% of consumers are now comfortable with contactless payments.
Most respondents said that they are confident enough to leave physical wallets at home and complete payments through their mobile devices.
The 2022 ‘State of Consumer Money Movement’ report analysed consumer payments, banking, and shopping preferences, as well as digital adoption rate.
Marqeta’s research revealed 96% of the surveyed UK customers made at least one contactless payment in 2021.
As a result, almost half of them (42%) don’t even remember their card PINs as they become used to contactless payment methods.
The pandemic was the propeller of a digital and mobile payments shift, with Marqeta’s survey mentioning that 63% of consumers believe cash will eventually become obsolete.
A third of the respondents would not be affected if all physical branches of their bank would close for good.
