In 2018 any conversation about how products and services are bought and sold begins with the medium – 78 percent of American consumers own a smartphone, on which they spend five hours per day on average.
But recently it seems that consumers and fin-techs alike have begun to dive more deeply into the many possibilities that the medium affords.
We see this trend particularly in the realm of mobile payments. If we look at the current state of P2P payments, for example, we see that in 2017, 63.5 million US adults used a P2P payment app such as Venmo, Zelle or PayPal at least once a month. Interestingly, we’re seeing this growth across all age groups.
A 2017 study by Convergys for Bank of America found that while millennials predictably represent more than half of P2P adopters, 34 percent of Gen Xers, 20 percent of Baby Boomers and 10 percent of seniors regularly used a P2P service. Another study noted that a majority of consumers store their payment information online.
What does this mean for payments? As transactions become faster, more global and more complex and as new payment platforms become more available, innovation is mission critical. As the pace of life accelerates and consumers expect faster, more convenient ways to manage their purchases and finances, we are developing more connected and efficient systems that are informed by consumer preferences and the new global realities that are influencing their choices.
As a leading global provider of cutting-edge payment technology, Wirecard has led this charge globally, providing clients with omnichannel payment systems, data-driven loyalty programs, and global-scale expertise to handle growing demand. Our successful track record includes fully digitalized payment processes that no longer require any manual input, supporting companies such as Orange Cash and Singtel. Our innovative payment platform offers merchants who still use analogue POS systems the opportunity to update their processes to enable Alipay and WeChat Pay in Europe and Asia.
In the United States, we have already enabled Samsung Pay Rewards to help merchants incentivize customers to use new technology. As a global company, Wirecard is bringing global experience and partnerships to shape the future of digital payments, providing clients with the agility, creativity, responsiveness and scale to ask better questions and keep up with the pace of change.