A recent survey into consumer expectations of the payments market conducted by Compass Plus has revealed that the generation of consumers over 60 is increasingly relying on card as their primary payment method.
The survey results show that 71% of over 60s consider cards to be one of the most secure payment methods available, with 57% of respondents placing their trust in credit cards while 14% thought debit cards are the safest way to pay. This is a noticeable increase compared to 2018, when 55% of respondents in this age group trusted cards the most.
The survey also revealed that 79% of over 60s now own a contactless card, compared to 68% in 2018. While the increase is significant, no respondents indicated they will be using contactless as their primary payment method in 2029. This could be a result of one-fifth of the demographic not currently owning a contactless card or simply down to contactless spending limits and consumer demand for a variety of payment methods. Nevertheless, 28% believe card payments are the future, whether debit (21%) or credit (7%).
Compass Plus has been undertaking consumer research since 2011, and this year’s survey took in the views of 200 consumers across the UK, who were asked to describe their current payment habits and how they think these may change in the future.