Cash App and Afterpay Release Future of Money Report
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Today, Afterpay and Cash App released the Future of Money Report, a comprehensive white paper built on findings from a survey conducted with Morning Consult. This report dives into the ways that the consumer finance landscape continues to evolve.
Research shows that emerging Fintech products and services are broadening access to financial services to a rapidly growing group of consumers whose needs are not being met by the traditional financial system. In fact, approximately one-quarter of consumers surveyed said that they have not utilized traditional checking nor savings accounts in the past year. Fintech services, like Cash App and Afterpay, are helping to meet the evolving needs of consumers underserved by traditional banking who value features like fast transfer speeds (42%), user-friendly interfaces (36%), and broad accessibility (33%).
The report also shows that credit card debt ranks more common than mortgages, medical debt, and auto loans for consumers surveyed. With 24% of respondents viewing the current credit system as unfair and 21% even labeling it invasive, the appetite for alternative, consumer-friendly solutions is strong. Even just among Afterpay users surveyed, there’s been a 30% year-over-year increase in Afterpay use since last year.
The Future of Money survey findings reflect a broader movement: consumers are redefining what they want from financial services. Between Afterpay and Cash App’s commerce payment products, consumers are empowered with more choice at checkout outside of traditional banking and credit systems, providing a solution that combines the benefits of flexibility and security without the risks associated with traditional credit.
As more consumers continue to gravitate towards Fintech, Afterpay and Cash App are positioned to lead the way, empowering consumers with a transparent, responsible way to spend and manage their finances. The findings from this report underscore not just the growing demand for Fintech solutions but also the values that will shape the future of money: trust, transparency, and a commitment to financial wellness.
Author
Block
Tags
Today, Afterpay and Cash App released the Future of Money Report, a comprehensive white paper built on findings from a survey conducted with Morning Consult. This report dives into the ways that the consumer finance landscape continues to evolve.
Research shows that emerging Fintech products and services are broadening access to financial services to a rapidly growing group of consumers whose needs are not being met by the traditional financial system. In fact, approximately one-quarter of consumers surveyed said that they have not utilized traditional checking nor savings accounts in the past year. Fintech services, like Cash App and Afterpay, are helping to meet the evolving needs of consumers underserved by traditional banking who value features like fast transfer speeds (42%), user-friendly interfaces (36%), and broad accessibility (33%).
The report also shows that credit card debt ranks more common than mortgages, medical debt, and auto loans for consumers surveyed. With 24% of respondents viewing the current credit system as unfair and 21% even labeling it invasive, the appetite for alternative, consumer-friendly solutions is strong. Even just among Afterpay users surveyed, there’s been a 30% year-over-year increase in Afterpay use since last year.
The Future of Money survey findings reflect a broader movement: consumers are redefining what they want from financial services. Between Afterpay and Cash App’s commerce payment products, consumers are empowered with more choice at checkout outside of traditional banking and credit systems, providing a solution that combines the benefits of flexibility and security without the risks associated with traditional credit.
As more consumers continue to gravitate towards Fintech, Afterpay and Cash App are positioned to lead the way, empowering consumers with a transparent, responsible way to spend and manage their finances. The findings from this report underscore not just the growing demand for Fintech solutions but also the values that will shape the future of money: trust, transparency, and a commitment to financial wellness.