What do consumers factor in when opting for digital payment methods?
September 8th, 2023, Lesley Simeon

What do consumers factor in when opting for digital payment methods?

A recent YouGov survey asked consumers across 18 international markets what motivates them to use digital payment methods. Convenience takes the top spot with more than half of consumers citing this factor as their motivation to pay digitally (56%). Speed features second on the list (46%), followed by security (34%) and rewards/incentives (29%). A little over one in ten consumers say they use digital payment methods because of peer influence (11%).

The motivations behind this shift, however, vary significantly by country.

Factors motivating the adoption of digital payment methods by country

Polled data reveals that convenience is a pivotal factor urging consumers in Asia to use digital payment, outpacing other factors listed in our survey. For instance, in Indonesia more than seven in 10 consumers use digital payment methods for convenience (73%), followed by those in India (71%). Meanwhile convenience also remains a substantial factor in Great Britain (57%), the US (44%) and the UAE (58%) although not to the same extent as observed in Asian markets.

Interestingly, a recent YouGov article also spoke about how cash use among Britons is on the decline since the pandemic. In addition to convenience, speed and security are significant contributors to the growing preference for digital payment methods in Britain with about two-fifth and one-third (43% and 32% respectively) considering them as motivation. Peer influence is the least motivating factor, nudging just 4% of the population.

The trend of low peer influence does not hold solid ground in Sweden (6%), the US (9%) and Germany as well (8%) indicating a minimal role in swaying the respective populations towards digital payments.

In contrast, in the Asian market, more than a quarter of Indians and less than two in ten (19%) Indonesians cite peer influence as a motivation to use digital payment methods.

Two in five consumers in India (40%) and three in 10 in the UAE (30%) are more likely to factor in the environmental considerations of using digital payment methods. This eco-conscious approach is less prevalent in the US, less than one in ten (9%) consumers view this as motivation.

Rewards and incentives significantly influence Indian consumers, with three in five adopting digital payment methods to avail of these perks. This incentive is less attractive in Sweden and Great Britain, convincing only 17% and 19% of consumers, respectively. Meanwhile, speed holds considerable sway in Germany (47%) and Sweden (34%).

Interestingly, one-third of the US population (32%) refrains from using digital payment methods altogether. This trend is also noticeable in Great Britain and Sweden, where over a fifth of consumers (22% each) report not utilizing digital payment platforms.

This data illuminates divergent incentives driving digital payment adoption, presenting an opportunity for brands to craft highly localized and impactful marketing strategies. By harnessing insights into regional preferences regarding convenience, environmental benefits, and peer influence, marketers can precisely tailor their initiatives, optimizing for success in various markets.

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YouGov Surveys: Serviced provides quick survey results from nationally representative or targeted audiences in multiple markets. The data is based on surveys of adults aged 18+ years in 18 markets with sample sizes varying between 437 and 2045 for each market. All surveys were conducted online in June 2023. Data from each market uses a nationally representative sample apart from Mexico and India, which use urban representative samples, and Indonesia and Hong Kong, which use online representative samples. Learn more about YouGov Surveys: Serviced.

Photo by Jonas Leupe on Unsplash