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Americans are watching their wallets, with two in five reporting they’re spending less this year compared to late 2024 due to the current economic conditions, according to our latest Future of Money Study. Yet even as they hold back on spending, the way people pay is evolving.
Mobile payments continue to rise in popularity, with 59% of Americans now using their phone to make in-person purchases, up from 52% a year ago. Younger generations are leading the way: 78% of Gen Z and 80% of Millennials use their mobile devices for in-person payments, most often linking to a debit card. By contrast, mobile payments dip to 59% among Gen X. And just 30% of Boomers use their phone for purchases, and are more likely to link credit cards when they do use mobile.
Generational differences extend to payment app usage as well. Awareness of apps like PayPal, Venmo, Cash App, and Zelle is nearly universal, but Millennials stand out as the most engaged across platforms, followed closely by Gen Z.
Our study also tracked Buy Now, Pay Later programs, where adoption is on the rise. PayPal Credit and PayPal Pay in 4 usage has grown significantly since the last wave, with AfterPay and Klarna also showing gains.
These shifts highlight how Americans are balancing caution with convenience, reshaping the payments landscape. Read the Logica® Future of Money Study highlight report for deeper insights into payments, saving, investing, and financial well-being.