Carta Worldwide announced the launch of a new study that reveals consumers are increasingly ambivalent toward their payments providers because they are failing to meet their needs in the economic downturn
In Brief:
- Consumers are focused on saving for the future, paying off debt, and adjusting their outgoings because they can no longer afford their current lifestyle
- Yet payment providers are failing to provide consumers the services they want to better manage their money
- The study is based on an independent survey of 1,000 UK consumers in November 2022 by Censuswide
What does this mean?
“The payments industry must now focus on fusing trusted and traditional methods with real purpose to meet the changing needs of consumers in the wake of the cost-of-living crisis and recession,” said Richard Wray, Chief Operations Officer at Carta Worldwide. “The research clearly shows that there is an emerging demand for purposeful payments from supporting new financial goals, better insights into spending, and more security. With many providers struggling to meet these demands, those that are able to deliver payments with purpose will be in pole position.”
