The state of sending money in 2026: Widely used, not fully trusted
Sending money is now as effortless as sending a text. Whether you’re splitting a dinner tab or paying the sitter, digital apps are the new way to hand over cash. But just because we’re using these apps every day doesn’t mean we’re entirely comfortable with them.
To understand our evolving relationship with these platforms, SoFi surveyed 800 adults in January 2026. The results reveal a landscape where convenience is king, but apps still have work to do to earn our complete confidence, especially for higher-stakes transfers.
Key Survey Takeaways
- 73% of users trust payment apps as much or more than traditional banks, while 27% trust apps less or not at all.
- 30% of respondents would switch from their usual app to a more traditional payment method for a $1,000 transfer.
- Hidden or unclear fees are the most common frustration people report when using payment apps.
- 23% of users have been victims of digital payment scams.
- Nearly a quarter of users have accidentally sent money to the wrong person.
The Shift to Routine Digital Exchanges
Survey responses show that digital payments are woven into everyday social life. From birthday money to holiday gifts, these apps have become a routine way to handle informal financial exchanges, including supporting family members and paying small businesses.
59% of respondents say they use payment apps to send gifts to friends and family
For many, sending money digitally has replaced the traditional “check in a birthday card.” It’s the top reason people use these apps, followed closely by supporting family members financially (48%), paying for goods and services from small businesses (47%), and splitting bills/expenses (37%).
Trust Is High, But Concerns Linger
While payment apps have become a staple of daily life, users still weigh convenience against security. The survey shows that while digital trust is growing, traditional banking habits and safety concerns continue to influence how people move their money.
73% of respondents trust payment apps as much or more than traditional banks
Survey responses suggest that for most people, payment apps now feel just as secure as traditional banks. Still, not everyone is fully convinced. A quarter say they trust apps less than banks, and that caution is disproportionately concentrated among older respondents. Among those who say they trust banks more than apps, 73% are age 55 or older.
69% of respondents are at least “a little” concerned about sharing financial data with payment apps
Despite widespread use, many people worry about the security of digital payment apps. Nearly 70% of respondents say they are somewhat-to-extremely concerned about data breaches and hacking, while only 30% feel neutral or unconcerned.
Interestingly, intense concern isn’t concentrated among older users. Younger and middle-aged respondents are just as likely, and in some cases more likely, to say they are very concerned about digital security.
30% of respondents say they would switch to a different method for a $1,000 transfer
Even though these apps are prized for their speed, convenience doesn’t always translate into confidence for larger transactions like rent or significant gifts. While payment apps feel effortless for small costs — like splitting a pizza — users become more cautious as the stakes rise. The survey shows that while 70% would stick with their primary app for a $1,000 payment, nearly a third would switch to a more traditional method, such as an ACH transfer.
Mistakes and Fraud Aren’t Uncommon
Speed is a major advantage of digital payments, but it also leaves little room for error. Accidental transfers and scams are risks that users have to navigate carefully.
Nearly a quarter of respondents (24%) have accidentally sent money to the wrong person
It’s a common mistake — typing a username too quickly and hitting “send” before double-checking. For 14% of those affected, the story ended well, and they were able to recover the funds. But for 10%, the money was never returned. These results highlight how a simple user error can lead to a costly loss.
40% of respondents have been targeted by digital payment scams
Digital fraud is a widespread issue, with approximately 4 in 10 respondents reporting exposure to scams. Specifically, 23% have fallen victim to fraud while sending money digitally. Among those affected, 54% successfully recovered their funds or blocked the transaction, while 46% suffered a permanent financial loss.
Notably, the risk isn’t equal across age groups — younger and middle-aged individuals are more likely to report fraud exposure than those aged 55 and older.
Top User Grievances With Payment Apps
A full 80% of respondents have at least one complaint when it comes to using payment apps, including hidden fees, slow transactions, poor support, confusing interfaces, and low transfer limits.
24% of respondents cite hidden or unclear fees as their top frustration
Nothing kills a seamless user experience like a surprise charge. Whether it’s an instant transfer fee or an undisclosed “service charge,” hidden costs remain the primary complaint for users. In fact, 1 in 4 respondents reported being hit with fees that weren’t clearly disclosed up front. Still, 1 in 5 users of payment apps say they have no major complaints at all.
36% of respondents say they will only use free options offered by a payment app
Speed is appealing to users of payment apps, but not at any price. While 36% insist on free transfers, another third say they’re comfortable paying a few dollars to ensure a money transfer arrives instantly. Only a small minority (5%) of respondents are willing to pay whatever it costs.
What Motivates Users to Switch Payment Apps
Even if people are comfortable with the apps they already use, that doesn’t mean they’re locked in. Survey responses suggest that price and incentives can motivate people to switch services.
45% of respondents say lower or zero fees would make them switch
Lower fees top the list of reasons for switching to a new payment service. Financial incentives like sign-up bonuses and stronger security guarantees also rank highly. Speed and integration matter, too, but fewer respondents say those factors alone would drive them to change apps.
Notably, more than a quarter say nothing would make them switch, suggesting that convenience and familiarity still create strong habits.
The Knowledge Gap in Digital Payments
Payment apps may be easy to use, but that doesn’t mean everyone fully understands how they work. From tax reporting requirements to basic app features, many users are still figuring out the rules and where to turn when they need help.
Only 15% of respondents are “extremely confident” that they understand the tax rules for payment apps
While 22% report being “somewhat confident” navigating tax compliance, nearly a quarter admit they aren’t confident at all, highlighting a widespread need for clearer guidance on how these apps intersect with tax obligations.
When confusion arises, 34% of respondents favor search engines over in-app help menus
When questions come up about any aspect of using a payment app, many people simply “Google it.” Search engines are the most common starting point when respondents need help with a payment app. Still, the app’s own help center isn’t far behind. About 30% say they go directly to the app itself for answers, while bank websites (15%) and AI assistants (10%) trail further back.
The State of Global Money Transfers
Sending money internationally has traditionally been slower and more complicated than domestic transfers. While fintech apps have streamlined the process, survey data reveals that the market remains fragmented, with users relying on a mix of traditional providers and newer digital platforms.
29% of International Senders Rely on Western Union
Despite the surge of digital-only competitors, legacy brands maintain a strong foothold. Only 18% of respondents reported sending money abroad in the past year. Within that group, the majority opted for traditional banks or services like Western Union; fewer than 30% utilized digital-first platforms such as Wise, Xoom, Revolut, or MoneyGram.
66% of respondents prioritize speed when sending money overseas
When people send money internationally, how quickly it arrives appears to matter more than anything else. In the survey, speed ranked ahead of exchange rates and low fees as the top consideration when choosing a transfer service.
Convenience also plays a role. About 46% say they value being able to manage everything within their primary financial app, while 33% say they prioritize using a well-known brand they trust.
Is Crypto the Future of Peer-to-Peer Payments?
While cryptocurrency frequently dominates the news, it hasn’t yet replaced traditional ways of settling a lunch tab. For personal transfers to friends or family, most consumers still prefer familiar payment methods.
57% of respondents are “very unlikely” to use crypto for payments in 2026
Many still view cryptocurrency as a digital asset rather than a functional payment tool; overall, 70% of respondents are unlikely to use it for personal transfers.
However, a significant generational divide exists. While roughly half of those aged 25-34 are open to using crypto for payments, only 6% of respondents aged 55 and older say the same. In fact, three-quarters of the 55 and over demographic remains extremely unlikely to adopt the technology for this purpose.
The Takeaway
Digital payments have secured the lead in the battle for convenience, handling everything from birthday gifts to reimbursing friends to sending money to family members. However, as these apps become a permanent fixture in everyday life, users are looking for more than just speed.
The future of money movement may be decided not only by which app is the fastest, but by which one is the most transparent. Faced with surprise fees and sophisticated scam tactics, users now demand that digital services protect their data and assets as reliably as traditional banks do.
About the Survey
These findings are based on self-reported data from an online survey of 800 U.S. adults (ages 18+) conducted Jan. 12-18, 2026. Due to rounding and multi-select questions, percentages may not total 100%. The sample skews older, with 61% of respondents aged 55 or above.
This story was produced by SoFi and reviewed and distributed by Stacker.
