Trends Shaping Payments:

Maintaining a competitive edge increasingly requires a focus on customer experience and payments that meet the changing needs of today’s consumers who want simple, easy and quick solutions. Today that means integration with new technologies that complement traditional ones.

Here are a few findings from this year’s consumer payment study.

1

Connectedness is Influencing
How We Pay

The connected home, car and digital wallet are here to stay. This interconnectedness at the heart of the Internet of Things (IoT) is influencing how we order and pay for the services and products we buy every day.

20% of consumers would use a connected device to pay for goods and services.

Younger consumers, aged 25-44, would be more inclined to use a connected device to make a payment.

2

Consumers Increasingly Use Mobile Banking Apps

82% of the 18-24 age group is familiar with in-app payments.

66% of consumers use their FI’s mobile app to access their banking information.

3

Contactless and P2P Payments are Growing

Actual use of contactless cards in the U.S. remains low, but we expect significant positive momentum.

Contactless card usage:
55% of consumers with a card that has the contactless feature have made a purchase using the tap feature.

P2P awareness:
Use of P2P payments continues to accelerate across all age groups, with younger consumers most likely to use them.

4

Consumers Want Real-Time Rewards Redemption

66% of consumers are interested in using their mobile phones to redeem their loyalty/rewards points — for immediate discounts when making a purchase.

This underscores the importance of the integration of rewards into mobile wallets and apps.

5

Consumers Want Controls That Increase Security

Consumers of all ages hold some level of concern with security.

The most attractive mobile features support security:

  • To immediately stop a fraudulent transaction
  • To instantly view transactions made with debit or credit cards
  • To turn payment cards on or off to prevent unauthorized usage

6

High-Touch Customer Support

Despite the influence of mobile — and perhaps partly because of it — more of us are also looking for the personal touch, especially when we have an issue with our payment card.

7

Getting More Personal

73% of consumers are open to receiving offers
most are interested in personalized offers from their bank tailored to their needs and interests.

The majority prefer monthly offers.

Interested in diving deeper into our findings?

Check out the 2018 study