How are Americans balancing cautious spending with rapid payment innovation? A recent PaymentsNext feature by Logica’s CEO and Founder, Lilah Raynor, explores findings from the Logica® Future of Money Study showing that while many consumers are cutting back, they’re also adopting new ways to pay.

The article, “Americans Reduce Spending While Payments Behaviors Expand,” reveals that two in five adults are reducing spending compared to late 2024 and that mobile wallets, payment apps, and Buy Now, Pay Later services continue to gain traction across generations.

Key insights include:

• Mobile momentum: 59% of Americans use their phones for in-person purchases (up from 52% last year) with Gen Z and Millennials leading the way.
• Digital ecosystems expanding: Awareness and use of payment apps like PayPal, Venmo, Cash App, and Zelle are nearly universal, supported by real-time payment infrastructure such as FedNow.
• BNPL goes mainstream: Buy Now, Pay Later usage continues to grow, with repayment behavior beginning to influence credit scores as it becomes part of everyday credit systems.

Even as overall spending slows, the Logica® Future of Money Study findings highlight how consumers are navigating the economy with both caution and flexibility and adopting payment tools that simplify transactions and give them more control.

Read the full article on PaymentsNext: https://paymentsnext.com/americans-reduce-spending-while-payments-behaviors-expand/