About 1 in 10 consumers experienced fraud or had their payments declined in the last month, according to “Digital Economy Payments,” a PYMNTS report based on a survey of 2,789 U.S. consumers.
Get the report: Digital Economy Payments
The research found that 7.7% of consumers experienced payment fraud in the 30 days prior to being surveyed in June. That was higher than the share of consumers reporting fraud in five of the previous seven months. The highest share reported during that time was 8.3% in April.
PYMNTS’ research also found that 12.0% of consumers reported payment declines in June. That figure, too, was higher than that reported in five of the previous seven months. The highest percentage was the 12.4% reported in January.
The consumers who are most likely to experience fraud or declines are those who use at least three payment methods, including at least two nontraditional methods, such as digital wallets, cryptocurrency or buy now, pay later (BNPL).
The survey found that 15.2% of these consumers with high payment diversification experienced payment fraud, compared with only 7.4% of those with mild payment diversification and 5.3% of those with low payment diversification.
Similarly, 23.8% of consumers with high payment diversification experienced payment declines, compared with just 13.0% of those with mild payment diversification and 7.3% of those with low payment diversification.
The survey also found that American consumers are traveling again, with 18.2% reporting they purchased travel and travel-related services in June, up from 16.3% in May.
To pay for travel, the greatest share of consumers in the four older generations use a credit card. However, those in the youngest generation included in the survey — Generation Z — are most likely to use a debit card.
Apple Pay has also grown in popularity with members of Gen Z. Sixteen percent of these consumers used Apple Pay when purchasing travel services, vastly exceeding the 4% average among all consumers surveyed.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
Learn More