Discover Global Network Study Finds Nearly Half of Global Consumers Are More Comfortable Making Digital Payments as a Result of COVID-19
25 Ottobre 2021 - 2:00PM
Business Wire
Digital payments expected to account for more
than $10 trillion in global transaction volume between in-store and
e-commerce by 2025
Partnerships between Fintechs and Payment
Companies prove essential in delivering digital payments
A new research paper by 451 Research, a part of S&P Global
Market Intelligence, and commissioned by Discover® Global Network
found digital payment services and financial technology
partnerships are reshaping the way in which consumers around the
world send, spend and store their money. The findings come as the
payments industry converges on Las Vegas for Money 20/20 to discuss
the latest trends, innovations and ideas.
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the full release here:
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The next frontier: Unlocking new value
through digital payment experiences (Graphic: Discover)
The COVID-19 pandemic shed light on the influence of these
digital payment services – as they grew market share and consumers
accelerated their usage and adoption of these products. State of
the Union: Global Digital Payments and Fintech Ecosystem analyzes
these shifts and other trends prevalent within the industry.
“With nearly 3 in 5 people using at least one type of digital
payment service in their day-to-day spending, the State of the
Union report shows the importance of digital commerce for consumers
around the globe,” said Kiran Pookote, director of business
strategy at Discover. “These statistics reflect the impact of
COVID-19 on digital behavior and the ways it will continue to shape
the economy post-pandemic.”
In order to address these trends, partnerships between fintechs
and payment companies will likely be critical, highlighting the
need to work together on developing technologies for the evolving
payments ecosystem. Eighty six percent of fintech vendors said they
are reliant on payment companies to help them implement payment
technologies.
“Fintechs looking to quickly innovate and address customer
demand on a global scale can benefit from pursuing partnerships
with a company like Discover Global Network - that provides them
with customized payment solutions, expertise and has a history of
successful partnerships,” said Pookote, who will be at Money 20/20
in Las Vegas and able to further discuss the findings.
Key Findings: Impact of COVID-19 On Digital
Payments
- Globally, 1 in 3 consumers said they began using digital
payments for the first time within the last year, while more than
half (52%) said they transitioned all or most of their in-store
spending to online. Further, 49% say they are now more comfortable
with making digital payments as a result of COVID-19.
Consumer Shift to Digital Wallets
- According to the report, in 2020, digital wallets are reported
to represent 27% of in-store spending, 41% of e-commerce spending
and 46% of mobile commerce spending. By 2025, digital wallets are
projected to account for more than $10 trillion in global
transaction volume between in-store and e-commerce.
Partnerships for Fintech Vendors are Key
- Nearly 9 out of 10 fintech vendors said contactless payments
and linking loyalty programs and rewards to a customer’s payment
card were relevant to their business needs.
- Seventy eight percent of fintechs indicated they currently
partner or work with a payment network, and an additional 18% said
while they don’t currently, such a partnership is possible.
Global Payment Adoption
- Digital wallets ranked as the most widely used digital payment
service overall, with respondents in Singapore (74%), India (70%)
and China (61%) exhibiting the highest increase in usage. In these
markets, many digital wallets have evolved into “super apps,”
encompassing a wide range of services, from payments to purchasing
movie tickets to insurance.
For a deeper dive into these findings, join Discover and 451
Research, a part of S&P Global Market Intelligence, for a
webinar on December 15, 2021 from 10-11am CST. Jordan McKee from
451 Research along with representatives from Discover will discuss
the key business priorities facing fintechs and provide perspective
on the digital payments space. For more information and to
register, visit the event page.
In addition to discussing these findings while at Money 20/20,
experts from Discover will be speaking to several other topics:
- Payments Innovation: Revolutionary? Or Evolutionary? –
While payments have evolved rapidly over the years – are these
evolutions really as revolutionary as we think? Asif Ahmed, Senior
Leader, Global Product Strategy, Discover Financial Services,
discusses the breadth of what drives innovation. More info
here.
- The Fintech View (Panel) – Andrew Stucchio, Vice
President, Global Pricing & Analytics, Discover along with
other experts weigh in on current industry “hot topics” and share
“hot takes” on everything from successful data management programs
to the new tech that’s enabling innovative data analysis. More info
here.
About Discover Discover Financial Services (NYSE: DFS) is a
digital banking and payment services company with one of the most
recognized brands in U.S. financial services. Since its inception
in 1986, the company has become one of the largest card issuers in
the United States. The company issues the Discover card, America's
cash rewards pioneer, and offers private student loans, personal
loans, home loans, checking and savings accounts and certificates
of deposit through its banking business. It operates the Discover
Global Network comprised of Discover Network, with millions of
merchant and cash access locations; PULSE, one of the nation's
leading ATM/debit networks; and Diners Club International, a global
payments network with acceptance around the world. For more
information, visit www.discover.com/company.
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Rob Weiss +1-224-405-6304 robertweiss@discover.com
@Discover_News
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