The study predicts that merchants will become 100% cashless in the next five years
Ingenico and consumer-centric commerce platform FreedomPay presented the results of a survey on the merchant and consumer attitudes towards payment technologies.
The research revealed that despite the variety of payment options, consumers still feel frustration at checkout. Due to technical issues at checkout, customers see a disconnection between merchants’ efforts and the shopper’s actual experience.
The research unveils that 75% of millennials and 70% of Gen Z are satisfied with contactless payments, whereas 65% of Gen-Z consider it a “must-have” of merchants.
Consumers surveyed reported that the most important aspect of loyalty programs is earning rewards on everything they buy. Nevertheless, about 70% of customers want to dispose of rewards without providing sensitive information.
87% of consumers and merchants consider security as the main benefit when it comes to choosing a payment method.
The study highlights that youngsters prefer credit or debit cards because they like that it allows them to track their purchases.