According to a recent Zpryme survey of national consumer attitudes and expectations, the top three most preferred payment methods by consumers were debit cards (30.2%), credit cards (30.0%), and cash (28.3%). Only 4.6% of respondents reported using digital payment apps such as Apple Pay, Venmo and Cash App as their most preferred method of payment.
Digital payment apps were most often used to pay for food, drink, groceries (16.0%) and utilities (9.6%). The age group that was the biggest user of mobile apps was 25-34 years old (56.5%). Generally, the older consumers get, the less often digital payment apps were used.
The key takeaway from this survey finding is that utilities can enhance customer service by expanding payment channels for evolving customers who are embracing e-wallets/digital payments apps.
To find out how to access the full report and review findings from Zpryme’s Customer Use of Digital Payment Apps – Utility Response Benchmarking Report, click here.
Michael G. Albrecht
Bringing 10+ years experience conducting interviews, research and writing articles on the Digital Transformation of the electric grid, water and gas utilities. Areas of research include IT/OT Convergence, IIoT, AI/ML, 5G, Cloud, Blockchain, Smart Contracts, edge computing, renewable energy and battery storage, cybersecurity, data analytics, and evolving regulatory and policy activity. Work published in Powergrid International, Transmission & Distribution World, Utility Analytics, Energy Central, Smart Grid Insights, CMG Consulting, and Renewable Energy World. The driving force behind my work is a desire to deliver in-depth research and writing to utilities to assist their technology decision-making and marketing efforts during this period of significant digital transformation and business model transition.