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 | Published: October 31, 2013
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:
- Chip cards bring new fraud trends – The advent of EMV chips has curtailed fraud from lost and stolen cards, but online fraud continues to rise ...
- Millennials most likely to monitor credit scores, plan to improve them – The younger generation is more active in keeping tabs on this important financial barometer ...
- Merchants say mobile wallets coming but won't cut fraud – Most retailers and e-tailers believe mobile wallets will be widely adopted in the next five years, but only about a third think mobile payments will cut fraud ...