Infographic: Preferred payment methods vary by location
Cash, debit, credit or PayPal? Depends on where, what you're buying
By Kristin McGrath and Juan Rodriguez
Shopping for groceries? You're more likely to pay with debit. If you're buying fast food, you're more likely to fork over cash. Credit cards, meanwhile, are the payment method of choice for online shoppers, according to the third annual Consumer Payment Choice Study from payment services company TSYS.
Overall, according to the survey, consumers prefer to pay with debit -- 50 percent of them call it their preferred payment method, with credit cards coming in second at 35 percent. Yet circumstances caused some fluctuations in preferences. While consumers tend to stick with debit for everyday purchases (such as gas and groceries), they're more likely whip out the credit card for special occasions such as dining out and trips to a department store. When it comes to online shopping, PayPal (barely a blip on the radar for most types of purchases) rivals debit in popularity. The chart below shows the percentage of consumers who use a particular payment method most often in the specified location.
The survey, released in October 2013, polled 1,000 adults who have both debit and credit cards.
To use the graphic on your site, use the following code:
Published: October 31, 2013
- Young consumers most cautious about online payments – A survey shows that showing that young consumers are the most cautious when paying for their purchases ...
- Digital wallets: Merchants to pave the way for consumer acceptance – Despite security concerns, more Americans are willing to use digital wallets, if merchants oblige ...
- Infographic: Debit, credit cards still killing off checks – The Fed’s 2015 shows checks account for only 12 percent of U.S. noncash transactions compared to 16 percent in 2012 ...