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The Next Step in Digital Payments Among Consumers

October 2020 | E-commerce, POS, and P2P Payments | Impact of Fintech and New Providers | Security Concerns; Biometrics
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Consumer payments are an area of continual technological innovation and evolving consumer preferences. Maintaining a near-term competitive edge in this space is one of the most challenging endeavors facing financial-services providers. Developing long-term strategies for acquiring and developing future customer relationships is an even more arduous task.

As financial services providers wrestle with these realities, they must regularly examine consumers’ perspectives to garner feedback and foresight. Adoption of innovative, digital payment methods continues to increase but has yet to expand as rapidly as many fintech developers and industry analysts have predicted. Ample opportunity for growth remains in e-commerce payments, digital POS payments, and digital P2P payments. Has the COVID-19 pandemic provided the impetus for a surge in usage of digital payment and contactless payment methods?

As nonbank providers contemplate entering these spaces, current financial services providers must leverage their unique resources and existing service relationships to recruit and retain customers. Additionally, as consumers’ concerns about information security increase, financial-services providers must continue to develop processes that protect customer data while limiting customer friction.

 

Research Objective

This study examines consumers’ perceptions of and experiences with digital payment methods and service providers.

Research Design

National survey –The survey will include 2,000 online interviews with consumers ages 18 and older.

Questionnaire Review

Clients will have the opportunity to review the questionnaire and provide comments. The cut-off date for client input is July 2, 2020.

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