Despite the rise of fintech offerings, the majority of respondents from a new report by PXP, the global payment services firm, have revealed that they still prefer to use debit cards for the majority of in-person and online purchases.
Nonetheless, the PXP whitepaper, From Cash and Cards to APMs: Navigating the Payments Transition, which revealed the findings of a survey conducted by Censuswide, the polling firm, showed that there are exceptions to these payment choices.
Revealing the payment preferences, priorities and frustrations of more than 4,000 consumers across the UK and US, the report found that credit cards are preferred for online choices when purchasing a high-ticket value item (34 per cent) while on cruises, customers also preferred making in-person payments with credit cards too.
Commenting on the research, Kamran Hedjri, group CEO for PXP said: “Our research goes beyond the numbers to reveal how consumers want to pay, what influences their choices, and offers actionable data for merchants looking to optimise their payment strategies.
“The whitepaper is designed to help businesses understand not just the ‘how’ but the ‘why’ behind consumer payment choices, while offering the payments industry a clear roadmap for establishing alternative payment methods (APMs) as trusted, long-term options alongside cash and cards.”
Emerging trends
The report showcased the usage of fintech and digital payment offerings in comparison to traditional ones. PXP found that newer digital offerings, such as Apple Pay and Google Pay were growing in popularity with younger customers (18-24 year olds) with 19 per cent expressing a preference. Meanwhile, only three per cent of those aged over 55 said the same.
Security remained an important factor for customers of all ages with 52 per cent of all respondents saying it was the most important thing they looked for when choosing a payment method. This rose to 62 per cent for those over 55. Interestingly, the reason debit and credit cards may have been so popular was because of the safety they provide. Forty-five per cent said it was the most secure way to make online purchases with less than five per cent viewing buy now pay later (BNPL) as the most secure method.
In line with the launch of PXP Unity
The release of this research comes shortly after PXP unveiled its new brand identity and launched its new platform PXP Unity, marking its evolution into a tech-first global commerce ecosystem. This platform simplifies commerce through real-time data insights, empowering merchants to architect their payment ecosystem with granular control.
Hedjri added: “We’re at an incredible moment in payments history. Consumer expectations are evolving as rapidly as the technology enabling them, creating both challenges and opportunities for businesses. The ways people choose to pay, and the reasons behind their choices, have shifted dramatically over the past few years—prompting businesses to rethink their approach to payment strategies.
“Understanding the evolution of payments is no longer just an operational concern—it’s a strategic imperative. This research equips merchants with essential insights to navigate the evolving digital payments landscape and strengthen their competitive position.”
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