Boomers Opt for Security Instead of Trends in their Payment Choices, According to PXP Research
Baby Boomers' Payment Preferences: Security and Familiarity Over Convenience
A recent study by PXP, an omnichannel global payment platform, has shed light on the payment preferences of Baby Boomers, a generation born between 1946 and 1964 who have witnessed the shift from cash and cheques to card payments and contactless transactions.
The study, conducted in conjunction with Censuswide, surveyed over 4,000 consumers in the UK and US, with a focus on Baby Boomers. The findings reveal that this demographic prioritizes security, clarity, and familiarity over convenience in their payment methods.
Credit cards are preferred for high-value items like in-store electronics by 40% of Baby Boomers. Debit cards, on the other hand, are the preferred payment method for everyday purchases among 47% of this generation. This preference for traditional methods like debit and credit cards over mobile wallets or wearables can be attributed to a desire for hassle-free transactions where their money is safe.
Security is of paramount importance to Baby Boomers, with 61% ranking it as their top priority in payment methods. This is reflected in their choice of online payment methods, with 54% of Baby Boomers seeing credit and debit cards as the most secure. However, 43% of Baby Boomers still express concerns about fraud when using digital payments.
Baby Boomers also value clear pricing and straightforward refund policies. Hidden fees are a major frustration for 39% of this demographic. In contrast, 59% of Baby Boomers value instant currency conversion options for international spending, and 72% want to avoid bank card fees abroad.
PXP Unity, PXP's newly launched cloud-native, scalable, and integrated platform, aims to address these concerns by enabling merchants to offer trusted, easy-to-use payment options while ensuring security, excellent customer service, and clear refund policies.
While cash is still used by 11% of Baby Boomers daily and 21% prefer it when dining out, particularly in social settings where splitting bills is common, the study found that Baby Boomers won't switch to new payment methods just because they're available. They need a real reason to do so.
The study also found that only 1% of Baby Boomers use mobile wallets for big-ticket purchases like travel, and just 2% use them when shopping for fashion and accessories. This reluctance to adopt emerging payment technologies can be attributed to the generation's preference for familiar and secure payment methods.
In conclusion, while the search results do not provide a detailed breakdown of PXP's study regarding Baby Boomers' preferred payment methods, related information from similar sources can help infer their priorities. Generally, Baby Boomers tend to prioritize security and reliability over newer payment trends.
- In contrast to the emergence of mobile wallets and wearable technology, Baby Boomers prefer traditional methods like debit and credit cards for their security and familiarity.
- The study reveals that Baby Boomers choose credit and debit cards as their most secure online payment methods, reflecting their priority on financial security over convenience.
