Expectations & Experiences | Consumer Research Trends from Fiserv

Cards, Credit and Consumer Control

Consumers are looking for tools and information that give them control over their financial lives. That influences everything from top-of-wallet card choice and mobile money movement to third-party tools and fraud prevention.

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Highlights

Cards are the preferred way to pay

Whether it’s debit or credit, contactless or chip, cards are the payment method of choice for most consumers.

The path to top of wallet? Rewards

Rewards accumulation influences everything from card choice to the information cardholders seek out when logging into their accounts.

Consumers are taking control

They want budgeting, tracking and money movement tools that put power in their hands.

People want hybrid everything

Regardless of the primary channel or provider, consumers use an ecosystem of financial services options.

Cards are the preferred way to pay

Whether it's debit or credit, contactless or chip, cards are the payment method of choice for most consumers.

The path to top of wallet? Rewards

Rewards accumulation influences everything from card choice to the information cardholders seek out when logging into their accounts.

Consumers are taking control

They want budgeting, tracking and money movement tools that put power in their hands.

People want hybrid everything

Regardless of the primary channel or provider, consumers use an ecosystem of financial service options.

Cards are preferred, by far

For all purchase types we asked about, most consumers prefer to use cards over cash, checks, mobile payments, or buy now, pay later (BNPL).

51% of people

choose credit for big-ticket items (over $500) in store.

51% of people

choose credit for big-ticket items (over $500) in store.

Payment Preferences by Channel and Amount

Gen Z prefers debit for large purchases – 46% in-store and 49% online, compared to 25% and 23% overall.

Perceptions of payment types

Whether contactless or chip-enabled, credit and debit cards continue to dominate in terms of perceived speed, ease and preference.

What do people say is

Fastest?

Fastest

Tapping a contactless-enabled credit or debit card

What do people say is

Most Convenient, Most Preferred?

Most Convenient, Most Preferred

Inserting my credit or debit card into a chip reader

What do people say is

Most Secure?

Most Secure

Using cash

What do people say is

Least Preferred?

Least Preferred

Paying by check

Rewards move cards to top of wallet

90%

have a go-to card they use most often

71%

choose their card to accumulate rewards points

40%

of people making $150K+/year pick their cards for the rewards

29%

choose a card based on rewards (among those with multiple cards who use only one)

People are looking for control

People prioritize control in different ways, but one thing is for sure: they’re looking for a lot. They want the speed of digital, the peace of mind that comes with enhanced security options, and tools that make it easier to track their finances.

 

This is true for all age groups. But compared to older generations, millennials are more open to expanding their financial ecosystems with newer options such as wearables.

Alerts matter

Alerts are essential for many people – 61% receive debit card alerts, 70% get credit card alerts, and 63% of those who receive alerts say it has stopped fraud.

Self-service tools are the norm

People want to manage their finances on their own terms. For many, that means digital account management – 82% manage their credit cards online and 69% use mobile, a figure that spikes to 90% for consumers 18–56.

Preferences When Mobile Debit Is an Option

People keep their options open

Where mobile debit is an option, 68% also want a physical debit card, and 28% say they’d use physical and digital cards equally.


And, despite their preference for all things mobile, 48% of Gen Z and millennials used in-person bill payment in the past 30 days, compared to 25% of older generations.