Consumers now have more ways to pay and manage money than any wallet can comfortably hold, and the big question for financial institutions is which ones people will actually use.
Velera, a payments credit union service organization (CUSO) and financial technology provider, has some answers in its ninth annual Eye on Payments study. The 2026 report looks at how economic pressure and fast-moving digital tools have changed the way people pay over the past year.
Think of a well-stocked kitchen. Most cooks own a dozen gadgets, but they reach for the same few and pick the right one for the job. Credit union members treat payments the same way: lots of tools on hand, chosen deliberately.
Members are tech-friendly, but picky
The study challenges the idea that credit union members lag on technology. Nearly half (49%) use AI at least a few times a week, and three-quarters have used it for at least one financial task. They are more cautious with newer, less proven options like digital assets, which suggests they pick their spots.
Trust has limits, though. Nearly six in 10 members (59%) would be uncomfortable letting AI tools make purchases or transactions for them, up from 49% in 2025. People will use AI to help them think, but many don’t want it handling the money.
Control is the common thread
Debit is still the favorite payment method among members (47%). But people aren’t loyal to one method. They move among physical cards, digital wallets, cash and buy now, pay later (BNPL) depending on the purchase. Having the right tool at the right moment matters more than using the same one every time.
Digital wallets show this clearly. Weekly use among members nearly quadrupled, from 11% in 2022 to 42% in 2026. For the first time, debit has overtaken credit as the most commonly loaded card type, another sign that people want to keep a tight grip on spending. Convenience alone doesn’t win a spot at the top of the wallet, either. Members actively curate which cards they load to get the most benefit and stay in control, so issuers need to keep delivering value at checkout.
Fraud response can build loyalty
Fraud is getting more complex and more AI-enabled, and one-quarter of members were hit in the past year. Yet 52% of them said the experience increased their trust in their financial institution, and 77% were satisfied or very satisfied with how it was handled. How an institution communicates, supports and resolves the problem can matter as much as stopping the fraud in the first place.
“Consumers have more financial tools and payment options than ever before, yet our research suggests they’re becoming more intentional, not less, in how they use them,” said Velera Chief Marketing & Communications Officer Tom Pierce. “Whether they’re using AI, digital wallets, debit, credit, BNPL, P2P or emerging payment options, adoption is increasingly driven by a simple question: Does this help me manage my money more effectively? The credit unions that answer that question best will be the ones that earn trust and engagement over the long term.”
More numbers worth noting
- Crypto: 25% of consumers hold or have held cryptocurrency, and 19% hold or have held stablecoins. Among non-users, unfamiliarity is the main barrier: 40% don’t know how to use crypto, and 61% don’t know what stablecoins are or how to use them.
- Card looks: 52% of members say a card’s physical appearance influences which one they use, up from 39% in 2023.
- Contactless: 85% have a contactless credit or debit card, and 58% tap at least a few times a week, up from 48% in 2025.
What else is in the report
The study also breaks down preferences generation by generation, from Gen Z to Baby Boomers, and explains why they differ. It uses data to bust industry myths, including the notion that branches no longer matter to members. It closes with takeaways and recommendations for credit unions.
Velera surveyed 1,750 credit union members and non-members across the U.S. in July and August 2026. Participants were ages 18 to 65+, 52% were male and 48% female, and demographics align with America’s Credit Unions Member Profile data. Generations were defined as Gen Z (18-29), Younger Millennials (30-37), Older Millennials (38-45), Gen X (46-61) and Boomers+ (62 and above).
If you work at a credit union, start by auditing what each of your products does for a member at the moment of purchase, and make sure your fraud response is as polished as your fraud prevention. Members are paying attention to both.