2020 Eye on Payments

COVID-19 Drives Surge in
Digital Adoption

PSCU’s 2020 Eye on Payments Study

For the third year in a row, PSCU surveyed more than 1,500 credit union members and other financial institution customers from across the United States to explore payment preferences and trends. We are proud to share these findings to help you develop your payment strategies.

Virtually no aspect of the economy has remained untouched by COVID-19. Find out the latest drivers behind payment choice to help your credit union adjust to these shifts and make strategic decisions to provide an even better member experience.

Key Findings from This Year’s Study

71%

Make payment decisions primarily based on safety at point of sale

+72%

Year-over-year increase in respondents that report having a contactless card

38%

Likely or extremely likely to use a mobile wallet in the next six months, up six percentage points from 2019

41%

Prefer debit across all demographics