Proof Point
Accenture expects increased North American consumer preference for digital payments by 2020, with only slightly decreased preference for traditional payments
North American Consumer Payment Type Preference
2016 and 2020F (percentage of respondents)
| Note: | Data based on Accenture Research consumer digital payments survey of 4,000 adults in U.S. and Canada, with 1.55% margin of error and 95% confidence level |
Proof Point Findings
- Traditional vs Digital Payments – Traditional payment systems refer to use of physical items, such as money or credit and debit cards, to complete financial transactions, while digital payments use cashless and cardless systems
- Decreasing Cash Preference – Preference for cash payments expected to decrease from 67% in 2016 to 56% by 2020, along with other traditional payment methods, such as debit cards, credit cards and checks
- Increasing Digital Preference – Consumers expect to increasingly prefer digital payments by 2020, ranging from 12% to 22% for different digital payment methods
- Key Growth Drivers – Include rising number of merchants adopting digital payment technologies, growing preference for paperless transactions, improving security features, and increasing adoption of mobile apps and wallets
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Market Disruption |
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Source |
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Date Last Updated |
May 31, 2017
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