1 in 6 Users Changed Payment Methods in the Past Year, Research Shows

New data aggregated by PYMNTS.com shows that more than 15% of online users switched their go-to payment method to a new one in 2023.

This tells us that those who seek the easiest and best ways to pay online don’t mind switching to new services. Less so than with many other industries, at least. On the plus side, this means that chances are better for good services to bubble up to the top.

Here’s a brief summary of the data’s findings.

What the Study Found

According to data from PYMNTS Intelligence, it is revealed that approximately 50% of consumers in the United States have experimented with a different payment method within the last year, with 16% of them completely transitioning to a new method.

When deciding on a method for online purchases and recurring bill payments, consumers primarily prioritize ease and convenience. Interestingly, digital wallets have emerged as a popular choice for many individuals, as they were the preferred new payment method in 30% of cases. This implies that 3 out of 5 U.S. consumers who explored a new payment method in the past year opted for digital wallets.

Research indicates that approximately 20% of consumers decreased their reliance on online bank transfers after discovering an alternative payment method that provided more attractive rewards. Likewise, 25% of respondents reduced their usage of digital wallets for the same reason. This demonstrates that a single factor, such as rewards, can prompt consumers to switch from one payment option to another.

What This Tells Us

So how does any of this matter for us, the end users?

Most of the data uncovered can be seen in a very positive light. For instance, it means that maintaining a monopoly in the sector is almost impossible. Moreover, it gives companies more hope that they’ll sway their competitors customers. They’ll be more likely to compete for user attention through rewards, bonuses, new features, and other such perks.

If you’re looking to switch to a new service for your online payment needs, we can help you. CasinoPaymentOptions is all about collecting, reviewing, and comparing data about online payment methods from the perspective of an online casino player. Check out our list of top casino payment methods to start looking for your next favourite deposit option.