12% of consumers experienced declined payments in June
About 1 in 10 consumers have been the victim of fraud or had their payments declined in the past 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 study found that 7.7% of consumers had experienced payment fraud in the 30 days prior to the June survey. This was higher than the share of consumers reporting fraud in five of the previous seven months. The highest share reported during this period was 8.3% in April.
PYMNTS research also found that 12.0% of consumers reported lower payments in June. This figure was also higher than that reported in five of the previous seven months. The highest percentage was 12.4% recorded in January.
Consumers most likely to experience fraud or denial are those who use three or more payment methods, including at least two non-traditional methods, such as digital wallets, cryptocurrency, or buy now, pay later (BNPL).
The survey found that 15.2% of these high payment diversification consumers were victims of payment fraud, compared to only 7.4% of those with low payment diversification and 5.3% of those with low payment diversification. diversification of payments.
Similarly, 23.8% of consumers with high payment diversification experienced a decline in payments, compared to only 13.0% of those with low payment diversification and 7.3% of those with low payment diversification.
The survey also found that US consumers are traveling again, with 18.2% saying they purchased travel and travel-related services in June, up from 16.3% in May.
To pay for their trips, the largest share of consumers in the four oldest generations use a credit card. However, those in the youngest generation included in the survey – Generation Z – are the most likely to use a debit card.
Apple Pay has also grown in popularity among Gen Zers. Sixteen percent of these consumers have used Apple Pay when purchasing travel services, greatly exceeding the 4% average among all consumers surveyed.