Changes to Consumer Payment Habits in 2024

Shopping habit changes caused by the COVID-19 pandemic led to consumers increasing the number of payment methods they use, in person and online. The effects will persist in 2024.

Consumers will continue prioritizing retailers and platforms with heightened personalization and convenience. At physical stores, for instance, they will visit more vendors with contactless payments, where a buyer completes the transaction via a QR code scanner, or biometric identification, confirmation using fingerprint or facial recognition. Some stores may use RFID (radio frequency identification) technology, where each purchaser scans a specific card when they enter and leave, processing payment when they exit.

In addition, consumers will identify ways to maintain their financial health in their purchases. Buy now, pay later (BNPL) services, where a third-party company allows shoppers to divide an item’s price into periodic loan terms, enable buyers to purchase expensive items with less concern over price. A firm providing this service may even offer loan terms suited to their financial health and willingness to pay interest. When combined with personal finance software integration, consumers can track their expenses in detail and find payment options that best match their preferences.