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According to the 2022 Survey and Diary of Consumer Payment Choice, published by the Atlanta Fed, consumers regularly use many different payment methods. Although cash is still the most common payment method, online payment accounts that grew in popularity during the COVID-19 pandemic remain a popular choice for many consumers.
The American Bankers Association recently surveyed consumers about their experience with their bank's online or mobile app services. Of those surveyed, 97 percent rated their experience as good, very good, or excellent. In addition, almost 80 percent say that innovation and technological improvements are making access to financial services easier.
As banking and payments continue to evolve, consumers should carefully consider the benefits and costs, as well as the risks, associated with various payment methods.
- When establishing a bank account, a number of factors should be considered. Weigh the importance of a brick-and-mortar location versus online banking services.
- Scammers are always on the prowl and use a variety of ways to steal money and personal information. When you research a financial institution online or download apps for financial services, make sure it is legitimate. Some scammers even create fake banks.
- According to the Consumer Financial Protection Bureau, more than 75 percent of Americans used a P2P (peer-to-peer or person-to-person) payment app, such as PayPal, Venmo, or Cash App. Users should know that money stored in these apps might not be insured, putting consumers at risk. In addition, these companies can use consumers' funds that they hold to invest and make money.