Hypur Consumer Preference Survey Results: Q2 2020

Q1: How has COVID-19 changed your mind about regularly paying for your cannabis products with cash?

No, I still prefer paying with cash 41%
Yes, I want to pay electronically from now on if given the option 45%
Unsure 8%
I’ve never paid with cash beforehand 6%

Q2: What is your preferred payment method IN STORE for your cannabis purchases?

Cash 48%
Credit card 20%
Debit card 27%
Mobile wallet 4%
Other 1%

Q3: What is your preferred payment method ONLINE for your cannabis purchases?

Debit card 51%
Credit card 36%
Mobile wallet 8%
Other 5%

Q4: Is security a concern when choosing a payment method?

Yes 49%
No 26%
Not Sure 7%
Not really 18%

Q5: What security features are most important to you? (check all that apply)

Email/text verification 54%
4-digit passcode 70%
Thumbprint 35%
Facial recognition 24%
Voice recognition 13%
None 5%

Q6: Would you sign up for a mobile payments app if it required the last 4 digits of your SSN?

Yes 47%
No 52%
Unsure 1%

Q7: Why wouldn’t you feel comfortable using just the last 4 digits of your SSN?

I don’t know my last 4 2%
I don’t feel safe 40%
I’m concerned it stores and shares my information with a third party 39%
I’m very private 18%
Other 1%

Q8: What do you believe is the safest IN-STORE payment method for cannabis purchases?

Cash 60%
Credit card 16%
Debit card 18%
Digital/Mobile 6%
Other 0%

Q9: What do you believe is the safest ONLINE payment method for cannabis purchases?

Credit card 39%
Debit card 41%
Digital/Mobile 17%
Other 3%

Q10: What reasons for carrying or handling cash make you feel uncomfortable (check all that apply)?

I feel like a target for theft 35%
I feel like it easily transmits infectious germs 35%
It’s easier to lose 42%
I don’t like carrying it at all 18%
Always having to go to the bank or ATM 26%
No issue 22%

Q11: If CASH is most preferred for your cannabis purchases, why?

I don’t have a bank account 5%
Convenience 44%
Privacy 33%
Always on me – I use cash for most purchases 14%
No other option 4%

Q12: If a DEBIT card is most preferred for your cannabis purchases, why? (check all that apply)

Not applicable / Not accepted 31%
It’s my main payment method for most purchases 37%
I get rewards on my purchases 21%
I can only spend what’s in my account 20%
Convenience 19%
Other 1%

Q13: If a CREDIT card is most preferred for your cannabis purchases, why? (check all that apply)

Not applicable / Not accepted 40%
It’s my main payment method for most purchases 28%
I get rewards on my purchases 32%
I can only spend what’s in my account 11%
Convenience 15%
Other 1%

Q14: If a DIGITAL/MOBILE payment solution is most preferred for your cannabis purchases, why? (check all that apply)

Not applicable / Not accepted 47%
It’s my main payment method for most purchases 19%
I always have my phone on me 31%
It’s safer 13%
It’s convenient 24%
Other 1%

Q15: Overall, my PREFERRED payment method for cannabis purchases is?

Cash 50%
Credit card 20%
Debit card 25%
Digital/Mobile 5%
Other 0%

Q16: If your dispensary offered you a safe/secure mobile solution (like ‘Hypur’) to pay directly from your bank account, would you:

Sign up for  a free account 32%
Not want to pay with mobile/digital from my bank account 25%
Unsure, need more information 43%