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Digital Consumer Payment Trends in the U.S. 2020 - ResearchAndMarkets.com

·5-min read

The "Digital Consumer Payment Trends in the U.S." report has been added to ResearchAndMarkets.com's offering.

Already in growth mode, digital consumer payments are now in hyperdrive, driven by a pandemic that has shifted consumer shopping and purchasing much further into the digital realm. This shift, however, also benefits from broader macro trends: Riding mobile banking tailwinds, mobile payment accounts have become mainstream choices, and fintech innovation is quickly pushing open banking, neobanks, and point-of-sale installment loans forward. Meanwhile, the faster payments opportunity beckons - and mobile banking may enable consumers to realize the benefits of faster payments most fully. In the process, the act of making a payment is fading into the background, integrating itself seamlessly into the customer purchase experience.

This report unravels trends and innovations that are reshaping digital consumer payments in real time, by reviewing key Consumer Digital Payment Drivers, assessing trends driving faster, seamless payments, and analyzing the influence COVID-19 is having on the digital consumer payments space.

As part of this market research study, a second report, Consumer Payment Card Usage Trends in the U.S. is included.

This report provides a compact overview of continuity and changes in U.S. adult use of the following types of consumer payment cards:

  • Debit cards

  • Credit cards

  • Gift cards

  • Prepaid cards

Key Topics Covered:

Executive Summary

  • Report Scope

  • Report Summary

  • Consumer Digital Payment Drivers

  • e-Commerce Growth Drives Electronic Payments

  • COVID-19 Pandemic Pushes Digital Commerce into Overdrive

  • Electronic Payments Share Continues to Rise

  • Digital Banking and Payment Access Predominates

  • It's a Mobile World

  • Fintech Innovation Drives Digital Payments Transformation

  • Words to Live by: Faster, Easier, Invisible, Engaged

  • The Faster Payments Opportunity

  • Payments Fade into the Background

  • Contactless Card Renaissance

  • The COVID-19 Effect

  • Payment Method and Payment Method Safety Shifts

  • Spending and Banking Behavior Shifts

  • Shifts in Consumer Credit Use and Future Payment Choices

Digital Payments Drivers

  • e-Commerce Growth Drives Electronic Payments

  • E-Commerce Continues to Grow Retail Sales Share

  • Internet-Only and Omni-Channel E-Commerce Sales Trends Both Strong

  • Table E-Commerce Sales: In-Store, Direct, Internet-Only, and Omni-Channel, 2015-2019 (billion dollars)

  • COVID-19 Pandemic Pushes Digital Commerce into Overdrive

  • Table Estimated Quarterly U.S. Retail Sales: Total and E-commerce, Q3 2018-Q2 2020 (billion dollars)

  • Online Purchasing Translates to Electronic Payments

  • Electronic Payments Share Continues to Rise

  • Consumer Payment Card Usage Volume Outpaces Cash, Checks, and Money Orders

  • Debit Surpasses Cash

  • Cash Loses Ground

  • ACH over Check

  • Table Number of Monthly Consumer Payments by Type of Payment Instrument, 2015-2019

  • Table Share of Consumer Payments Made, by Type of Payment Instrument, 2015-2019

  • ACH-Based Consumer Payment Methods Generate the most Payment Value

  • Table Dollar Value of Consumer Payments by Type of Payment Instrument, 2015-2019

  • Table Dollar Value Share of Consumer Payments by Type of Payment Instrument, 2015-2019

  • Digital Banking and Payment Access Predominates

  • Table Consumer Ownership of Accounts and Adoption of Account Access Technologies, 2015-2019

  • Online Inroads

  • It's a Mobile World

  • Mobile Phones and Connected Devices

  • Mobile Banking a Mainstream Phenomenon

  • Yet Consumer Adoption of Mobile Payment Services Remains Low

  • In-Dash Payments: the Mobile Payment Frontier

  • Fintech Innovation Drives Digital Payments Transformation

  • Open Banking

  • Neobanks

  • Point-of-Sale Installment Loans

  • Words to Live by: Faster, Easier, Invisible, Engaged

  • The Faster Payments Opportunity

  • What it Is

  • How it Works

  • What it can Provide

  • Who Provides the Solutions

  • Mobile Banking as Catalyst?

  • Payments Fade into the Background

  • What it Is

  • Why It's Important

  • Showing How It's Done: Feature-Laden Retailer App Engagement

  • In Focus: Kohl's

  • In Focus: American Eagle

  • More than Mobile P2P: Square's Feature-Based Engagement

  • Seamless Digital Checkout Experience

  • Table Smartphone Payment Methods Used, 2020

  • A Possible Solution: "Click to Pay" Secure Remote Commerce

  • Seamless Rewards

  • Contactless Card Renaissance

The COVID-19 Effect

  • Payment Method Shifts

  • Payment Methods: the Less Physical Contact, the More Likely to Use

  • Table Effect of COVID-19 on Digital and Non-Digital Payment Methods Used, Ranked More/Less Ratio, 2020

  • Payment Method Safety: Pre-Payment Wins; Giving Card to Person Loses

  • Table Effect of COVID-19 on Physical Point-of-Sale Payment Methods Used, Ranked by Safe/Unsafe Ratio, 2020

  • Spending and Banking Behavior Shifts

  • Banks Deliver in the Clutch; Digital Preferences Catch Fire

  • Table Effect of COVID-19 on Spending and Banking Behavior, Ranked by Agree/Disagree Ratio, 2020

  • Shifts in Consumer Credit Use and Future Payment Choices

  • Shifts in Types of Consumer Credit Used: Credit Cards Reign

  • Table Effect of COVID-19 on Types of Consumer Credit Used, Ranked by More/Less Ratio, 2020

  • Credit Cards and Debit Cards more Likely to be Used for Duration of Crisis

  • Table Effect of COVID-19 on Future Consumer Credit and Non-Credit Payment Instrument Use, Ranked by More/Less Ratio, 2020

Appendix

  • Methodology

  • Consumer Survey Methodology

  • Abbreviations

  • Table Appendix-1: Report Abbreviations, 2020

  • Terms and Definitions

For more information about this report visit https://www.researchandmarkets.com/r/244om9

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View source version on businesswire.com: https://www.businesswire.com/news/home/20200925005115/en/

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