HOW WE WILL PAY
CONSUMERS, CONNECTED DEVICES AND THE FUTURE OF PAYMENTS
A PYMNTS and Visa collaboration
How We Will Pay, A Work In Connectivity, Process … And Progress
A wise man named Ferris once said, “Life moves pretty fast. If you don’t stop and look around once in a while, you could miss it.”
So it is with payments, where innovation moves pretty fast, too. Blink and all of a sudden, you’ve gone from swiping cards to tapping at the terminal – or from asking a search engine for directions to asking Alexa, in a near shout, for all manner of assistance.
Thus, how we will pay is always a question. It’s a continuum, of course, one where the past informs the future, where form follows function and where the consumer is, eventually, always right.
What lies ahead? It is, of course, too early to tell. But some stats serve as signposts, pointing to the ways that financial institutions must mull over the ways individuals interact with them. Consider the fact that 77 percent of consumers want their FIs to enable new ways to pay. Retailers might do well to pay attention to the fact that 61 percent of consumers say shopping – as an overall activity – is unproductive and even boring. Lively up yerself, retailers.
Think tablets and smartphones are the way to go? To a point, the answer is yes. But we live in an age where the super-connected, are well, super … connected, and so merchants are going to find ways to reach those who own as many as six (!?) devices.
The readiness is all, said the Bard – another wise man, right up there with Ferris.
ABOUT THE STUDY
This study asked 2,584 U.S. consumers three very important questions:
1. What connected devices do they own today?
2. How do they use them to pay?
3. How might they like to use them to pay in the future?
What we got back was 6 million data points and a wealth of information about how consumers see a future where connected
devices can deliver a seamless payments experience.
of consumers say that shopping - online or in-store - is unproductive, inefficient and time-consuming and even boring.
of consumers would use a connected device to enable a seamless payment experience when shopping.
of consumers want their financial institution/bankcard network to enable these new ways to pay.