🧵 1. Just read the latest Fed Survey of Consumer Payment Choice - 75% of US consumers used mobile payments in 2023, a significant increase. #finance
🧵 1. Just read the latest Fed Survey of Consumer Payment Choice - 75% of US consumers used mobile payments in 2023, a significant increase. #finance
🧵 2. The survey provides a detailed look at US payment behavior, revealing trends like 99% of consumers having credit, debit, or prepaid cards.
🧵 3. Only 1% of US consumers are without a card, but 4% remain unbanked with varied reasons, including dislikes towards banks and cost concerns.
🧵 4. Nearly three-quarters of US consumers now use nonbank payment accounts, signaling a shift in how people manage their finances.
🧵 5. Financial inclusion doesn't necessarily mean having a bank account - payment accounts are crucial. Innovative solutions beyond traditional banks are emerging.
🧵 Read more at: https://www.forbes.com/sites/davidbirch/2024/09/12/the-real-world-of-payments-the-fed-survey-of-consumer-payment-choice/