PYMNTS DATA AND ANALYTICS
Our data and analytics team has developed a number of creative methodologies and frameworks that measure and benchmark the innovation that’s reshaping the payments and commerce ecosystem.
- 63.6 percent: Share of FIs believe that believe AI is an effective tool for stopping fraud before it happens.
- 80 percent: Portion of AI-using fraud specialists that believe the technology could reduce payments fraud.
- 63.9 percent: Share of fraud specialists that believe smart agents could reduce payments fraud.
B2B PAYMENTS TIPPING POINT
- 34 percent of companies say their use of ePayables will increase in the next three years.
- More than 35 percent of companies earning more than $1 billion per year have already adopted accounts payable automation.
- 61 percent of businesses say that Real-Time Payments would improve their payroll operations.
Bridging The Gap: Mobile Card App Adoption Report
Bridging The Gap: Mobile Card App Adoption Report, a PYMNTS and Elan collaboration, seeks to better understand how consumers use credit card apps and the features and functions that could further enhance their appeal. The report is based on a survey of 2,000 U.S. consumers across a wide range of age and economic groups.
Key findings in the report include:
- 102 million U.S. consumers have downloaded mobile card apps
- 19.2 percent of app users cite fingerprint login as the most important in-app feature
- 70.1 percent of consumers use mobile card apps to better manage their accounts
- 80 percent: Portion of electronics eCommerce sites supporting at least one buy button
- $252.46: Average ticket price of purchases made on eCommerce sites offering the Amazon Pay buy button
- $3.1 Billion: Average annual revenue of eCommerce sites that supported no buy buttons in Q2 2018 but added at least one by Q2 2019
Checkout Conversion Index
- 50.9: Average CCI score on a scale of zero to 100
- 81: Average CCI score of the top 30 merchants
- 2:29: Average time to complete an online checkout
- Millennials make an average of 19.3 purchases every year
- 25 percent of the Bridge Millennials that buy online prefer Amazon
- 50 percent of consumers preferred omnichannel shopping experiences
- 54.1 percent: Share of consumers who believe having more authentication controls would reduce fraud risks
- 66.2 percent: Portion of millennials who would like more authentication control because it would make them feel safer
- 42.2 percent: Share of Gen Z consumers who would like more authentication control because it would make authentication easier
Credit Union Innovation
- 80 percent: Portion of loyalty-focused CUs that also invest in anti-fraud protection
- 33.3 percent: Share of loyalty-focused CUs that innovate to meet current members’ needs
- 42.4 percent: Portion of CU members who want their CUs to focus on account fraud/theft protection
- More than 50 percent of consumers now shop contextually
- Approximately 1 billion devices now support Google Assistant
- Tyler Cooper, CEO of TheTake.AI, talks about what’s slowing contextual commerce’s growth and how AI can speed it up
- Most commuters (53.3 percent) are turning to voice assistants to connect while driving
- 47.2 percent of commuters used connected devices while driving said they were most interested in finding a gas station
- On average, commuters ordered coffee for pickup at a drive-thru window 65 times per year
- 36.6 percent of commuters who use voice assistants connect to the internet using their mobile devices
DIGITAL IDENTITY LIFESTYLE CAPSULE
- 34%: Portion of financial services consumers who pointed to an inconvenient authentication method as the reason for their dissatisfaction
- 71.2%: Share of both financial services and eCommerce customers who expressed satisfaction with being required to provide passwords and codes for authentication
- 100%: All surveyed healthcare consumers expressed satisfaction with providing identification documents at physical locations
- 91.1%: Share of eCommerce consumers who were required to provide email addresses when creating online accounts
- 80 percent: Share of consumers that report being satisfied with instant payments
- 75 percent: Share of disbursements recipients who want to receive instant payments because they gain instant access to funds
- 64 percent: Share of consumers who are at least “somewhat” familiar with instant payments
- 52 percent: Share of recipients who would prefer to receive instant payments
ENTERPRISE RETAIL GROCERY
- Grocery or food at home products make up 20 percent of all consumer retail spending
- Cost, convenience and choice of product are the three most important factors for consumers when choosing a grocery retailer
- The average customer spends more than $4,000 a year on food and makes over 40 visits to grocery stores each year
Financial Invisibles Report
- 67.6 percent: Share of consumers who were able to pay all their bills on time in Q3 2018
- $60.4K: Average annual income of consumers who got a loan from their family or friends to pay off debt in Q3 2018
- 20.8 percent: Share of consumers who were either “very” or “extremely” interested in financial education in Q3 2018
- 38.4 percent: Share of non-seasonal gig workers
- 38.2 percent: Share of gig workers were paid via direct deposit
- 19.4 percent: Share of gig workers were not employed outside the gig economy
- Cash share accounted for 60 percent of South Africa’s GDP, as well as 37.5 percent of Saudi Arabia’s GDP.
- Overall, the Middle East’s GDP is expected to grow 12 percent between 2016 and 2021.
- Middle Eastern consumers made $0.9 trillion in cash payments in 2016. This is expected to rise to $1.4 trillion by 2021.
- In South Africa, 75 percent of adults now possess bank accounts, compared to just 60 percent of adults in Turkey.
- 45 percent: Increase in account takeovers in Q2 2017
- $3.3 billion: Amount lost by merchants to account takeovers in Q2 2017
- $57.8 billion: Value of potential fraud in the eight industries studied by the Index
- 5.5 percent: Increase in total fraud from Q2 2016 to Q2 2017
- 11.64 percent: Fraud rate of transactions over $500, 22 times higher than the fraud rate for transactions worth less than $100
Global Payments Innovation
- $10 billion: Value saved in digitized deposits via the Aadhaar payment app in the last three years
- $600 million: Amount Alibaba invested in AI company SenseTime
- 34: Number of countries participating in the SCT Inst scheme
- 90.7 percent of patients said they can pay off their payment plan in full, either early or by following the plan schedule
- 89.8 percent of respondents said they would be willing to consider using a payment plan in the future, doubling the current rate of usage
- Patients who did not pay their debt and had no plans to do so faced the highest out-of-pocket average of $758
- 70 percent of patients factor in the prospect of fees when considering using a payment plan
How Consumers Pay For Elective Medical Procedures
- 9 percent: Share of consumers who considered elective care but opted out because they could not afford it
- $18.4 billion: Potential revenue for healthcare providers to gain by offering payment plans for cosmetic surgery
- 9 percent: Share of consumers who paid for at least one elective procedure in the past six months whose cost significantly applied to their deductible
HOW WE WILL PAY
- Shopping is no longer something people “go do” – it is integrated into most consumer’s everyday activities.
- The home has become the consumer’s connected commerce command center.
- Consumers are on a device and app purge — buying and using those that save them time, money and friction.
- Voice is connected commerce’s killer app. Voice plus visual is a connected commerce game-changer.
- The 30-40 year old Bridge millennials have integrated connected purchasing experiences into their everyday lives more than any other consumer group.
Innovating Order to Cash
- Traci Leffel, director of finance at Rocket Industrial, explains how O2C solutions can give distributors peace of mind when addressing clients’ unique payment needs
- A use case from a North American landscaping supplier that highlights how O2C tools enable landscapers and contractors to focus on their work, preventing suppliers from having to collect outstanding payments
- A Deep Dive examining how O2C solutions are changing customer onboarding and enhancing operations through seamless integrations with various internal systems
- 19.7 percent: share of FIs that lack effective core processing and IT systems
- 12.5 percent: portion of bottom-performing FIs with both effective IT and core systems
- 36.8 percent: share of FIs lacking effective core processing and IT systems that view inflexible technology as an impediment
Just Tap To Pay
- 42 percent: Share of millennials how are interested in using contactless cards
- 43 percent: Portion of consumers who cite security as a reason for being interested in contactless cards
- 26 percent: Share of consumers who do not own voice-activated speakers who would like to use contactless cards
Kiosk and Retail
- More than $1 billion worth of kiosks were ordered in 2015
- 1,000 new food and beverage kiosks were installed in 2016
- Food and Beverage kiosks produced $218 million in 2016
- 13.6 percent of luxury vacation consumers are adventure travelers who enjoy activities like heli-skiing, mountaineering, taking charter flights, riding in helicopters or exploring exotic places like Machu Picchu.
- 50.7 percent of survey respondents pointed to luxury vacations’ costs as a key factor derailing their abilities to pursue such trips.
- 59.7 percent of adventure vacation travelers and 56.7 percent of luxury vacation travelers said they would take more trips if they had access to innovative payment solutions that enabled multiple participants to contribute funds, make recurring payments or track payments, among other features.
- 45 percent of adventure travelers believe innovative payment solutions would make it easier to pay for vacations.
Making Instant Pay Global
- Public utility firm PG&E on the challenges of accepting cash payments while innovating digital payments infrastructures
- eCommerce platform SeatGeek on how Brexit is affecting its payments strategy and global expansion plans
- Scooter rental platform Lime on the importance of localizing payments as it expands to new markets
Mobile Card Services
- 50.5 percent: Share of consumers who are unaware of MCS
- 67.8 percent: Portion of consumers who are interested in MCS and who would like to receive text alerts when their cards are used
- 79.6 percent: Portion of MCS-interested respondents who are “very” or “extremely” interested in receiving alerts when cards shared with children are used
Omni Security and Authentication
- Shamoun Siddiqui, vice president and chief information security officer at Neiman Marcus, on the challenges and benefits of using AI and ML to curb cybercrime
- A Deep Dive exploring how retailers are using 3D Secure 2.0 and other tools to safeguard consumers from retail fraud
- Notable headlines from around the space, including news on recent security breaches and the latest security debuts
- 61 percent of large-format store shoppers and 54 percent of those at small-format stores said they shopped at brick-and-mortar locations about as often as they had in past years.
- Brick & Mortar Consumers were the most satisfied, giving merchants an average omnichannel satisfaction score of 37.2 out of 100,. By comparison, Any-Channel Consumers gave a score of 36.2 out of 100 and Digital Consumers awarded merchants just 35.8 out of 100.
- Purchase history capabilities were some of the most popular among shoppers who had tried various features, as 16.7 percent of those buying medications, 15 percent of those purchasing beauty services and 8.2 percent of those buying beauty products said the features were “Very Good” or “Excellent.”
- 66.8 percent: Share of paycheck-to-paycheck gig workers who would consider switching to platforms that offer pay advances
- 53.4 percent: Portion of paycheck-to-paycheck workers who would use pay advances to cover bills and expenses
- 48.5 percent: Segment of paycheck-to-paycheck workers who believe pay advances would provide greater financial flexibility
- 73.7 percent: Portion of firms that process more than 20,000 invoices per year plan to implement invoice receipt innovation
- 11.6 days: Average time firms processing more than 20,000 invoices per month need to process a single invoice
- 34.7 percent: Share of firms that require their CEOs’ approval to pay invoices
PAYING AT THE PUMP
- 68 percent of adults who pay for gas with mobile apps buy it as often as once per week
- 73 percent of users who pay for gas with mobile apps said they are more likely to visit the store again if the app experience is convenient
- More than half (57 percent) of consumers who pay for gas using mobile apps say they would do so more often if the apps could also pay for c-store products
- 85 percent of Bridge Millennials say that receiving discounts is the most important feature of a gas app
- 62 percent: Share of platforms that consider cyber fraud while assessing the overall costs of fraud
- 53 percent: Portion of platforms that plan to seek vendor assistance to enhance fraud detection and monitoring
- 41 percent: Share of platforms that plan to increase the size of their fraud protection teams to support future growth
Payments And The Platform Economy
• An interview with Colin Gardiner, chief revenue officer for shared RV marketplace Outdoorsy, on why marketplaces must design platforms and payments processes with user trust in mind
• Notable headlines from around the space, including how companies like Amazon are becoming more involved in the sharing economy
• A case study exploring how millennials’ payment preferences are changing the travel industry
- 52.9 percent: Share of Bridge Millennials who made their last remote purchase via smartphone
- 66.7 percent: Share of consumers earning more than $100,000 per year who spent $25 to $499 on their last remote purchase
- 53.4: Share of consumers who paid using a debit card stored on their mobile wallet
- 65% of QSR managers believe using apps to place orders delivers a positive customer experience
- 92% of customers consider using an app to place a QSR order offers a positive experience
- 3% of QSR managers say self-service kiosks are the most common way consumers place orders
Retail Innovation Readiness
- 44.8 percent of consumer services firms consider innovation crucial to their survival
- 26 percent of consumer services merchants are “very” or “extremely” interested in smart POS systems
- 84.7 percent of small consumer services believe intuitive functionality is a key quality for smart POS systems
Retail Product Insurance
- 60.1 percent: Portion of consumers who would buy insurance from their eCommerce retailers if it were offered at checkout
- 62 percent: Share of eCommerce shoppers who were offered insurance coverage for their latest electronics purchases
- 32.7 percent: Portion of consumers who would buy and spend more if offered insurance coverage for their online purchases
Simplifying Cross-Border Payments
- 15,000 euros: The maximum amount that can be transferred via the European Union’s Instant Credit Transfer service
- 57: Number of real-time payments schemes operating worldwide in 2019
- 3,500: The number of financial institutions that have committed to using SWIFT gpi worldwide
State And Local Government Disbursements
The latest government disbursements news and trends, including how the Idaho Department of Health and Welfare is allowing digital payments for child support payouts
Representatives from the Oregon Department of Revenue, the Tennessee Department of Revenue and the Texas Comptroller of Public Accounts discuss the state of disbursements within their departments and the issues holding them back from embracing instant payments
A Deep Dive examining U.S. state and local agencies’ instant payments struggles and how they can revamp their check-heavy disbursement processes to fix these issuesState And Local Government Disbursements directory
Subscription Commerce Conversion
- 63.8: Average Subscription Commerce Conversion Score
- 95 percent: Share of top-performing subscription merchants that allow plan changes
- 145.7 seconds: Time it takes to complete a subscription on a B2B commerce site
Just Connect To Pay
- 52 percent: Share of super-connected consumers who are interested in using apps that can track their spending
- 49 percent: Portion of consumers who would like to use credit cards to pay for their eCommerce purchases
- 83 percent: Share of consumers who are interested in trying new connected commerce experiences, because it can save then money
Just Say To Pay
- 37 percent: Share of bridge millennials who own both smartphones and voice-activated speakers
- 49 percent: Portion of consumers who own voice-enabled devices who would like to be able to pay automatically at restaurants
- 37 percent: Share of consumers who own voice-activated speakers who use them to make purchases
Key to Optimizing Merchant Services
- 63.5 percent of MSPs are interested in overhauling their core processing systems
- 26.9 percent of MSPs want to do so by upgrading their existing systems
- MSPs that want to upgrade their core processing systems currently offer an average of 7.2 value-added services
Making Real-Time Payments a Reality
- 66.7 percent of firms consider themselves “very” or “extremely” aware of Real-Time Payments.
- 71.9 percent of firms are “very” or “extremely” interested in implementing the system.
- 85.3 percent of firms are either in the process of implementing RTP or expect to do so within the next three years.
- $385 billion: amount spent on subscription/recurring payment services in Europe in 2018
- 75 percent: estimated share of European online merchants that are unaware of SCA
- $125 billion: potential financial impact on Europe’s online commerce industry due to SCA
The Small Business Guide To Rapid Settlement
- 65.8 percent of small businesses believe having immediate access to funds from sales is highly important
- 40.2 percent of small businesses say taking longer to pay their vendors is a likely consequence of being unable to access funds
- 57.1 percent of small businesses would be highly interested in switching to POS providers that offer rapid settlement
SMB Receivables Gap
- 64.9 percent: Share of sellers interested in using immediate payment platforms
- 56.2 percent: Portion of SMBs that commonly experience cash shortfalls
- 55.8 percent: Share of SMBs that believe immediate payment platforms would boost their revenues when acting as sellers
- Four out of 10 travel operators struggle to manage multiple payment service providers.
- 82 percent of travel companies innovate to combat the loss of customers.
- 36 percent of travel companies expect innovations to decrease costs.
- The global travel industry pays $75B on its payments structure every year.
• 50.5%: Share of supporters who rely on employment income to pay for tuition
• 31.7%: Portion of students who work part-time and say it is “somewhat” or “very” hard to pay for tuition
• 54.2%: Share of students who are currently late on payments and find it “somewhat” or “very” easy to pay for tuition
• 45.9%: Portion of students who are “very” or “extremely” interested in tuition payment solutions, compared to 34.3 percent of supportersTuition Payments directory
VIRTUAL REALITY IN RETAIL
- VR is expected to generate $1.8 billion for retail and marketing in the year 2022
- The number of VR users more than doubled in 2018, growing from 85 million to 171 million
- Revenues from VR initiatives are expected to increase by 3,000 percent over the next four years
Where Will We Bank Next?
- 57.5%: Share of consumers who would be interested in banking with non-FIs
- 37.8%: Share of Bridge Millennials who would consider banking with PayPal
- 90.6%: Share of consumers who say their primary FIs fit their needs
Which Apps Do They Want?
- 53 percent: Share of consumers who use mobile apps while shopping in store
- 12 percent: Portion of consumers who pay in store via mobile app
- 51.8 percent: Share of consumers who are interested in downloading the Amazon app
Who Are You? Verifying Digital Identity In The Sharing Economy
- 24.3 percent: Share of consumers are asked to submit their identification online when signing up for new ridesharing platforms
- 19.5: Portion of sharing economy platform users are asked to verify their digital identities by providing identification at physical locations
- 21.7 percent: Share of homesharing platform users are asked to verify their identities by providing identification at physical locations
X-BORDER PAYMENTS OPTIMIZATION
- The United States kept its top spot in the Index, coming in as the most cross-border friendly country PYMNTS studied with an Index score of 65.9 out of 100. China rose from fourth to second place with a core of 63.9 out of 100, followed by the U.K. in third 63.2 out of 100.
- The Travel industry received the highest Index score with a 64.8 out of 100, followed by the Apparel and Accessories industry (63.0 out of 100) and the Housewares and Home Furnishing industry (59.4 out of 100).
- Visa is the most commonly accepted payment type, accepted by 94.5% of merchants, followed by Mastercard, accepted by 94 percent – and PayPal, accepted by 79.8 percent.