Digital Consumer Payment Trends in the U.S. 2020 and the Influence of COVID-19 on the Industry
Dublin, Sept. 23, 2020 (GLOBE NEWSWIRE) -- The "Digital Consumer Payment Trends in the U.S." report has been added to ResearchAndMarkets.com's offering.
Already in growth mode, digital consumer payments are now in hyperdrive, driven by a pandemic that has shifted consumer shopping and purchasing much further into the digital realm. This shift, however, also benefits from broader macro trends: Riding mobile banking tailwinds, mobile payment accounts have become mainstream choices, and fintech innovation is quickly pushing open banking, neobanks, and point-of-sale installment loans forward. Meanwhile, the faster payments opportunity beckons - and mobile banking may enable consumers to realize the benefits of faster payments most fully. In the process, the act of making a payment is fading into the background, integrating itself seamlessly into the customer purchase experience.
This report unravels trends and innovations that are reshaping digital consumer payments in real time, by reviewing key Consumer Digital Payment Drivers, assessing trends driving faster, seamless payments, and analyzing the influence COVID-19 is having on the digital consumer payments space.
As part of this market research study, a second report, Consumer Payment Card Usage Trends in the U.S. is included.
This report provides a compact overview of continuity and changes in U.S. adult use of the following types of consumer payment cards:
Debit cards
Credit cards
Gift cards
Prepaid cards
Key Topics Covered:
Executive Summary
Report Scope
Report Summary
Consumer Digital Payment Drivers
e-Commerce Growth Drives Electronic Payments
COVID-19 Pandemic Pushes Digital Commerce into Overdrive
Electronic Payments Share Continues to Rise
Digital Banking and Payment Access Predominates
It's a Mobile World
Fintech Innovation Drives Digital Payments Transformation
Words to Live by: Faster, Easier, Invisible, Engaged
The Faster Payments Opportunity
Payments Fade into the Background
Contactless Card Renaissance
The COVID-19 Effect
Payment Method and Payment Method Safety Shifts
Spending and Banking Behavior Shifts
Shifts in Consumer Credit Use and Future Payment Choices
Digital Payments Drivers
e-Commerce Growth Drives Electronic Payments
E-Commerce Continues to Grow Retail Sales Share
Internet-Only and Omni-Channel E-Commerce Sales Trends Both Strong
Table E-Commerce Sales: In-Store, Direct, Internet-Only, and Omni-Channel, 2015-2019 (billion dollars)
COVID-19 Pandemic Pushes Digital Commerce into Overdrive
Table Estimated Quarterly U.S. Retail Sales: Total and E-commerce, Q3 2018-Q2 2020 (billion dollars)
Online Purchasing Translates to Electronic Payments
Electronic Payments Share Continues to Rise
Consumer Payment Card Usage Volume Outpaces Cash, Checks, and Money Orders
Debit Surpasses Cash
Cash Loses Ground
ACH over Check
Table Number of Monthly Consumer Payments by Type of Payment Instrument, 2015-2019
Table Share of Consumer Payments Made, by Type of Payment Instrument, 2015-2019
ACH-Based Consumer Payment Methods Generate the most Payment Value
Table Dollar Value of Consumer Payments by Type of Payment Instrument, 2015-2019
Table Dollar Value Share of Consumer Payments by Type of Payment Instrument, 2015-2019
Digital Banking and Payment Access Predominates
Table Consumer Ownership of Accounts and Adoption of Account Access Technologies, 2015-2019
Online Inroads
It's a Mobile World
Mobile Phones and Connected Devices
Mobile Banking a Mainstream Phenomenon
Yet Consumer Adoption of Mobile Payment Services Remains Low
In-Dash Payments: the Mobile Payment Frontier
Fintech Innovation Drives Digital Payments Transformation
Open Banking
Neobanks
Point-of-Sale Installment Loans
Words to Live by: Faster, Easier, Invisible, Engaged
The Faster Payments Opportunity
What it Is
How it Works
What it can Provide
Who Provides the Solutions
Mobile Banking as Catalyst?
Payments Fade into the Background
What it Is
Why It's Important
Showing How It's Done: Feature-Laden Retailer App Engagement
In Focus: Kohl's
In Focus: American Eagle
More than Mobile P2P: Square's Feature-Based Engagement
Seamless Digital Checkout Experience
Table Smartphone Payment Methods Used, 2020
A Possible Solution: "Click to Pay" Secure Remote Commerce
Seamless Rewards
Contactless Card Renaissance
The COVID-19 Effect
Payment Method Shifts
Payment Methods: the Less Physical Contact, the More Likely to Use
Table Effect of COVID-19 on Digital and Non-Digital Payment Methods Used, Ranked More/Less Ratio, 2020
Payment Method Safety: Pre-Payment Wins; Giving Card to Person Loses
Table Effect of COVID-19 on Physical Point-of-Sale Payment Methods Used, Ranked by Safe/Unsafe Ratio, 2020
Spending and Banking Behavior Shifts
Banks Deliver in the Clutch; Digital Preferences Catch Fire
Table Effect of COVID-19 on Spending and Banking Behavior, Ranked by Agree/Disagree Ratio, 2020
Shifts in Consumer Credit Use and Future Payment Choices
Shifts in Types of Consumer Credit Used: Credit Cards Reign
Table Effect of COVID-19 on Types of Consumer Credit Used, Ranked by More/Less Ratio, 2020
Credit Cards and Debit Cards more Likely to be Used for Duration of Crisis
Table Effect of COVID-19 on Future Consumer Credit and Non-Credit Payment Instrument Use, Ranked by More/Less Ratio, 2020
Appendix
Methodology
Consumer Survey Methodology
Abbreviations
Table Appendix-1: Report Abbreviations, 2020
Terms and Definitions
For more information about this report visit https://www.researchandmarkets.com/r/3ph2ig
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