US consumers cite trust in banks and in friends and family — Early Warning — “More than 75% of Millennials have used online or mobile P2P payments. Generation X is a close second at 69%, and Baby Boomers are closing in at 51%… 49% of Millennials use P2P payment services at least once a week, followed by 42% of Generation X and 32% of Boomers.”
Survey
Survey finds money saving product recommendations will drive adoption of open banking
Brits cite money saving product recommendations as the biggest incentive to use open banking — Equifax — “Two fifths (40%) of Brits willing to share their bank transaction data with a new lender would do so if it provided them with product recommendations which save them money. Other motivations to share transaction data through open banking include the ability to easily compare products from different financial institutions (36%), being offered tailored incentives for switching to a new provider (34%), and a streamlined process when applying for mortgages (28%) and loans (25%).”
Contactless cards accounted for over half the 2.3bn payment chip cards shipped in 2017
Top smart payment card shipment figures 2017 released by Smart Payment Association — Smart Payment Association — “Data collected by the SPA from its members show 2.3bn payment chip cards were shipped globally in 2017… The 2017 global shipment figures also highlight the escalating popularity of ‘tap and go’ transactions, with contactless payment cards accounting for more than 50% of shipments in most regions, and over 70% in a growing number of territories.”
Survey finds British shoppers are ready to take advantage of voice commerce
Shoppers willing to spend £200 using voice commerce, study says — Internet Retailing — “A survey of more than 500 consumers across the UK reveals the average UK consumer is happy to spend in excess of £195 (US$258) in an order through voice technology, rising to £232 (US$307) in the case of shoppers over the age of 30.”
Chinese banks report strong growth in bank card usage
China has over 7bn bank cards — Xinhua — “China had issued 7.03bn bank cards by the end of 2017, meaning each Chinese person has about five cards on average… Last year, the number of transactions via bank cards rose 29.4% to 149bn, with a total of 735 trillion yuan (about US$113tn) swiped from bank cards. Consumption via bank cards accounted for 48.7% in China’s total retail sales of consumer goods.”
Phoenix reports drop in number of US consumers making use of Apple Pay, Google Pay and Samsung Pay
“Not just Apple Pay, but the two other major third party contactless wallets, Google Pay (formerly Android Pay) and Samsung Pay, are tracing a slow but definite descent in adoption among smartphone owners”, research conducted by Phoenix Marketing International has found... More
US consumers report growing dissatisfaction with mobile payments services
34% of those eligible are using mobile payments, but few would recommend them — Auriemma Consulting Group — “Problems at the point of sale can prevent even the most enthusiastic Pay users from developing the habit of paying with their mobile device. This, in turn, lessens the opportunity and likelihood for recommending the service. In fact, 42% of mobile payment users wouldn’t recommend the service, up 11 points compared to last year (31%).”
One in four Koreans now use their phone to make mobile payments
More than quarter of South Koreans use mobile payment services — The Korea Times — “The survey of 2,500 adults, conducted by the Bank of Korea (BOK) between September and October last year, showed that 26.1% of respondents had used a mobile device such as a smartphone or tablet computer for payment services in the previous six months… Online purchasing was the most frequently used service through mobile devices with 86.6%, followed by offline mobile settlement with 34.7% and mobile transportation payment with 21.6%.”
One in five organizations say they have experienced a payments data theft in the last year
One in five organizations has experienced payments data theft over the past 12 months — ACI Worldwide — “36% of organizations believe they are at a greater risk of data breach than a year ago. 44% agreed with the view that: My company would not invest in fraud solutions that add friction to the customer experience.”
Four in five Americans want to use one platform to manage all their finances
Digital is the new language of money: Americans predict payment apps will move to the top spot in their wallet and would like to manage their financial lives in one place — Koski Research — “Americans predict that apps will be the most common in-person payment type in five years… More than four in five Americans (84%) say they are interested in managing their money from one online central platform for deposits, spending, and saving.”
Study finds consumers are losing interest in digital-only banks
Banking sector continues to evolve as digital-only banks are losing appeal globally — RFi Group — “While consumers showed substantial interests in digital-only banks in previous studies, global appetite for digital-only providers fell from 74% in H1 last year to 63% in H2, and appetite for digital-only main bank has also dropped from 50% to 44%… The findings suggest that traditional banks which continue to ‘up their game’ in engaging consumers digitally will likely be the ones to benefit in the near future.”
One in ten young US adults have used Apple Pay to make an in-store payment
Mobile payments survey: Apple Pay leads Google Pay in usage and interest among Millennials and GenZ in 2018 — Dealspotr — “In-store, a surprising 11% of Millennials and 10% of GenZers have used Apple Pay to pay for items in the checkout line. Apple Pay (10%) was significantly more popular than rival payment platforms such as Google’s Android Pay (4%) and Samsung’s Samsung Pay (2%)… 15% of Millennials and 15% of Generation Z have used Apple Pay to pay when shopping online (vs 9% and 9% for Google Pay).”
Survey: India now has a higher percentage of citizens with a mobile wallet than China
Mobile wallet is gradually displacing cash in India, says GlobalData — GlobalData — “India is one of the top markets globally in terms of mobile wallet adoption with 55.4% survey respondents indicating that they have a mobile wallet and use it. India is followed by China and Denmark… Mobile wallet transactions grew manifold in last five years, rising from R24bn (US$370.6m) in 2013 to R955bn ($14.74bn) in 2017, and will surpass R1tn ($15.44bn) mark in early 2018.”
Australian iPhone users ‘more likely to bank with a provider if it supports Apple Pay’
Australian smartphone sales grow in 2017 as users lock into platforms — Telsyte — “The increasing adoption in mobile contactless payments is starting to influence Australian’s banking decisions… Around one in five (22%) iPhone users claim they are more likely to bank with a provider if it supports Apple Pay. This figure increases to 32% per cent for those who are also using an Apple Watch.”
Line Pay tops mobile payments adoption poll in Taiwan
Line Pay top mobile payment system in Taiwan: Survey — Focus Taiwan — “25.2% of respondents who used mobile payment systems favoured Line Pay, ahead of Apple Pay provided by Apple Inc which was used by 17.9% of those surveyed. The survey found Jko Pay provided by Taiwan’s Jkos Network Co came in third, taking a 10.9% share, followed by Android Pay operated by Google Inc with 9.9% share, and E Sun Wallet provided by E Sun Commercial Bank with 5.2%.”
Over half of US consumers are now using a P2P payments service
US consumers and debit: Shift to online may inhibit use — Mercator Advisory Group — “57% of all respondents and 78% of young adults aged 18 to 34 use person-to-person payment services such as PayPal, Venmo, Google Wallet, Facebook Messenger, and others accessible online and in-app by mobile devices and nearly half of them use a P2P service at least once a month.”
Survey finds Samsung Pay influences repeat purchases of Samsung phones in Spain
Samsung Pay reaches 100m euros in transactions since its launch in Spain — Samsung Spain (translation) — “70% of respondents say that one of the reasons to buy a Samsung smartphone is to continue enjoying this service… The same study found that the use of mobile payment has increased notably in 2017, with 19% of users compared to 5% registered in 2016…. The convenience and simplicity offered by Samsung Pay are key factors for 75% of the respondents who gave the service a high satisfaction rating.”
Consumers call for biometric logins to financial services apps
IBM Future of Identity study: Millennials poised to disrupt authentication landscape — IBM — “Security was vastly ranked as the top priority for banking, investing, and budgeting apps — for these categories on average 70% selected security as the top priority, with 16% selecting privacy, and 14% selecting convenience… 44% ranked fingerprint biometrics as one of the most secure methods of authentication; passwords and PINs were seen as less secure (27% and 12% respectively).”
Survey finds sales uplift in stores with mobile POS devices
In-store mobile could generate a 146% revenue boost in 2018 — Retail TouchPoints — “Retailers that are deploying in-store mobile POS saw a 24% average increase in sales in 2017 over retailers who don’t implement mobility in-store… Only 34% of retailers have deployed mobile POS, while 42% have armed their employees with mobile devices without a POS platform.”
Six in ten Chinese consumers have experienced a mobile payments security threat
Quick take: Mobile payment fraud rises in China, report finds — Caixin — “A China UnionPay survey of 105,000 people found that 60% had been exposed to some kind of mobile payment security threat, including information leaks, fraud or malicious attacks… Nearly 30% of users reporting mobile payment fraud said QR codes were involved, up from 15% last year.”