NMI, a leading full commerce enablement technology company, today released its inaugural Payments Innovation Pulse Report that focuses on consumer sentiment around the latest payment innovations and how these opinions impact merchants, technology partners, and financial institutions.
To take the pulse of consumer payments preferences and experiences on the latest payments tools and methods and their willingness to try new payment innovations, NMI surveyed 1,000 U.S. consumers in October 2022. It uncovered that the majority of consumers are willing and eager to try emerging payments technologies, such as contactless payments and biometric payments, and that speed and convenience are the driving forces behind these purchasing preferences.
“The pandemic sparked a new wave of payments innovations, and we’re still seeing the ripple effects of consumers adopting these tools and merchants equipping themselves with these capabilities,” said Vijay Sondhi, CEO at NMI. “As businesses look for ways to retain customers and entice new ones, leaning on their ISO, ISV and fintech partners will be a crucial part of their payments enablement strategy this year to help merchants easily implement these payment capabilities and win their share of the market.”
Key findings from the report include:
Speed and convenience reign king in consumers’ payments preferences: The majority of consumers (84%) cite convenience as the No. 1 reason why they use their preferred payment methods, and just under half (49%) use these methods because they’re the fastest.
Gen Z and Millennials eager to be early adopters of new payments innovations: Over two-thirds (69%) of consumers agree that they’re “always excited to try out new payments technologies or capabilities.” Younger consumers are even more likely to report eagerness: 83% of consumers ages 18-24 and 87% of consumers ages 25-40 agree or strongly agree.