What Your Wallet Says About You

WHAT YOUR WALLET SAYS ABOUT YOU NOW AND TOMORROW What is a wallet? New technologies are making this question more difficult to answer every day. A recent American Express study reveals how US consumers choose to pay for everyday things and how they feel about new forms of payment. RESEARCH UNCOVERED THAT THERE ARE THREE COMMON TYPES OF PAYMENT STYLES TODAY: THE TECHIE THE SECURITY BUFF THE BUDGET BOSS Early adopters who are excited about Those who are security conscious and They are afraid that new methods will new methods to pay for their do not trust the new methods because encourage them to spend more. In order purchases. They'll use whatever they're afraid their information may to better control their spending they system is most convenient. get into the wrong hands. consider cash and debit to be "king." CHECKBOOK SMARTPHONE DEBIT CARD CREDIT CARD LAPTOP CASH "Cash? I just paid a "I'm pretty worried "It looks like I spent $40.27 on groceries this week and $17.81 at friend back for a about identity theft. I soda using an app try not to put my on my phone." personal information on coffee shops. That's it! any Web site." No more coffee." 2007 2012 CHANGES OVER THE PAST 5 YEARS JAN JAN 30% of people claim to use online Checks showed the steepest decrease 25% claim to have used cash more payments more often. in usage over the past five years with often over the past five years. 49% of respondents claiming to use 16% claim to use mobile apps often. checks less often. ATTITUDES 35% 69% 57% 35% indicate it's easier to track 69% would not feel secure having 57% say cash prevents them from expenses when they avoid using cash. payment info on social media. spending more than they intended. PREFERENCES 41% 62% 28% 41% prefer to bank online than go into a 62% prefer financial services 28% of consumers wish they had a branch, suggesting convenience outweighs institutions take the lead in developing better way to help budget their money. new payment methods, over wireless providers (7%), internet companies concerns over online transactions. (5%), phone manufacturers (5%). 10.0 O. ON NEW TECHNOLOGY 35% 83% 62% 35% want to try new forms of payment 83% of consumers listed security as 62% of consumers listed fees as the like digital wallets, P2P, and near field the most important factor. second most important factor. communication. PAY HOW YOU'LL PAY TOMORROW TMRW You're already ahead of the curve. If We get it- you're scared, but there's Perhaps try a prepaid card that lets you haven't yet, try out a digital wallet. a world of convenience out there. you monitor your budget online, get Perhaps start by trying a additional cards for family, and get peer-to-peer service that lets you text alerts when you've exceeded pay back your friend via email from a budgets. secure, prepaid account. This quantitative research survey was conducted by Ipsos Research and Learn more at AmericanExpress.com commissioned by American Express. The survey was conducted online and connect with us on EXPRLSE to a nationwide sample of 1,600 adults ranging in age from 18-65. ol •.... ......