Today In Data

Caring Is Sharing (Data)

Everyone wants to rule the data world, but — as Gerhard Oosthuizen, CTO at Entersekt, recently pointed out — it’s not just about having the data; it’s about knowing how to use it. FinTech companies are warming to this idea as they realize it’s easier to work with banks than disrupt them, and banks are warming up too, because they see more opportunity than threat in collaboration. Consumers have concerns, particularly around how their data will be used in an open banking world, and the technology around securing all that data is more complicated. However, as the tech gets better and data security gets more assured, the possibilities of offerings for consumers grow as well — in banking, payments and beyond..

50 years: The amount of time traditional banks have had to build their compliant networks and customer relationships.

66 percent: The share of U.K. consumers concerned with how their data will be used under open banking.

80 percent: The share of banks that see open banking as an opportunity rather than a threat.

10: The number of encryption key slots becoming increasingly common on POS devices.

70 percent: The share of Americans with hypertension who do not know they have hypertension.

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NEW PYMNTS DATA: HOW WE SHOP – SEPTEMBER 2020 

The How We Shop Report, a PYMNTS collaboration with PayPal, aims to understand how consumers of all ages and incomes are shifting to shopping and paying online in the midst of the COVID-19 pandemic. Our research builds on a series of studies conducted since March, surveying more than 16,000 consumers on how their shopping habits and payments preferences are changing as the crisis continues. This report focuses on our latest survey of 2,163 respondents and examines how their increased appetite for online commerce and digital touchless methods, such as QR codes, contactless cards and digital wallets, is poised to shape the post-pandemic economy.

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