Consumers are putting a premium on convenience and ease of use when making online purchases, while making safety less of a priority, according to a new study from PSCU, a CUNA associate business member at the premier level.

“With the continued proliferation of goods and services available online, convenience emerged as the main driver of consumer payment preferences this year, even trumping security,” says Tom Pierce, PSCU’s chief marketing officer. “Consumer preferences, expectations, and demands are constantly changing and shifting.”

The 2019 Eye on Payments study also saw an increased preference for debit cards to complete transactions, including for online channels and in-app payments, as consumers across generations appear to select budget-friendly options over building up their credit card debt.

Other key findings:

• Security and safety remain influential factors in consumers’ payment choices. Nearly four in 10 consumers say they make payment decisions based in part on which method is the most secure.
• Nearly 96% of survey respondents report making online purchases at least a few times per year, with 57% making online purchases at least a few times per month. Overall, respondents prefer to pay for online purchases, order-ahead food, and streaming services with debit cards.
• Mobile wallet use is on the rise, with 30% of respondents reporting they use a mobile wallet to make purchases. Nearly half of consumers use their mobile phones to make payments or do banking.
• Mobile wallet use is more prevalent among younger generations: Six in 10 millennials and members of Generation Z report using a mobile wallet, with almost half using the technology at least a few times per month.
• Despite being in the early stage of contactless card issuance, about one-fourth of respondents have a contactless card and use it at least a few times per month.

Among those who have used a contactless card, convenience, ease/speed of use, and security are the primary motivators for doing so. The primary reason consumers don;t use contactless cards is a lack of acceptance at stores they frequent.