Debit cards were the preferred payment method across generations in InComm Payments' annual study of 3,236 consumers surveyed in July 2023. The report also identified differences in cash, credit, mobile payments and incentives among Generation Z, Millennials, Generation X and Baby Boomers.

Generation Z ranked cash second, the only group to do so, and was more likely than the other generations to prefer cash for a large purchase. Its stated preference for mobile wallets increased 85% year over year, while concerns about the security of a favourite payment method fell 18%. Those are relative changes as reported by InComm.

Millennials were the most likely group to use mobile wallets and personal payment apps. They also reported more use of gift cards for dining and everyday online and in-store purchases than a year earlier. Some 60% said an incentive could prompt them to change payment methods.

Almost a third of Millennials reported changing payment methods because of economic conditions. InComm also found that 63% used coupons or discounts on at least half their shopping trips, making the search for value a prominent part of the

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