Survey: Consumers' preferred payment methods include...
A retailer or brand not accepting a consumer’s preferred form of payment can often lead to cart abandonment.
Half of Americans would rather abandon a purchase than use an alternative when merchants donʼt accept their first choice, according to a new survey from Cash App Afterpay. Gen Z feels strongly about this as well, with 46% saying that they wonʼt complete a purchase if the merchant doesnʼt accept their preferred form of payment.
Debit cards are the most popular payment method in the United States, followed by cash. Gen Zers and millennials rank credit cards lower on their payment methods, while baby boomers are the only generation that rank using checks in their top-five methods. Mobile wallets and peer-to-peer options are more popular with younger generations, but large portions of Gen X respondents still reported using them.
Gen Zers, nearly a third (32%) of which prefer debit over other payment options, value the option for its simplicity as well, but also opt for it because their friends and social networks do the same. Three-quarters (75%) of Gen Z debit card holders use theirs at least weekly, with just over a quarter (26%) swiping daily. This is in line with overall debit card use across generations (77% use their card at least weekly, and 24% use it daily).
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More than eight-in-10 (82%) adults consider credit cards financially dangerous, and 70% say credit cards make them feel like they're spending money they donʼt have. Across all Americans, 28% view credit cards more negatively than they did 12 months ago.
For Gen Z respondents, credit card bills evoke a sense of anxiety or stress (68%). More than half (53%) of Gen Z are surprised by the amount of interest they pay on their credit card bill, and more than six-in-10 Gen Zers have ditched their credit card for another payment method.
Overall, nearly half (48%) of adults and 55% of Gen Z are open to using buy now, pay later options. Gen Z, in particular (52%), feels that this method helps them better manage their finances than other payment methods. Nearly 40% of Gen Zers use buy now, pay later options weekly or more frequently, compared to 28% of millennials, 10% of Gen X, and 7% of boomers. Across all adults, 27% use it either a few times a month and 49% use it once a month or less.
Morning Consultʼs Cash App Afterpay Credit Card Ick Survey was conducted between Jan. 31 and Feb. 3, 2025 among 5,412 adults in the U.S.
