Digital Consumer Payment Trends in the United States - COVID-19 Pandemic Pushes Digital Commerce into Overdrive

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Mar 12, 2021, 09:00 ET

DUBLIN, March 12, 2021 /PRNewswire/ -- 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 payment 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
COVID-19 Pandemic Pushes Digital Commerce into Overdrive
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
ACH-Based Consumer Payment Methods Generate the most Payment Value
Digital Banking and Payment Access Predominates
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
Payment Method Safety: Pre-Payment Wins; Giving Card to Person Loses
Spending and Banking Behavior Shifts
Banks Deliver in the Clutch; Digital Preferences Catch Fire
Shifts in Consumer Credit Use and Future Payment Choices
Shifts in Types of Consumer Credit Used: Credit Cards Reign

Payment Trends & Psychographics

Overview of Payment Trends
Financial Psychographics
Payment Types and Consumer Confidence

Debit Cards

The Case for Debit Cards
Use of Debit Cards
Use of Debit/ATM Cards for Cash
Use of Debit/ATM Cards by Gender
Use of Debit/ATM Cards by Age Bracket
Use of Debit/ATM Cards by Income Bracket
Use of Debit/ATM Cards by Race/Ethnicity

Credit Cards

The Case for (And Against) Credit Cards
Usage Rates for Credit Cards
Monthly Use of Credit Cards
Monthly Use of Store Cards
Active Customer Base for General-Purpose Credit Cards
Monthly Use of General purpose Credit Cards by Gender
Monthly Use of General purpose Credit Cards by Age Bracket
Monthly Use of General purpose Credit Cards by Income Bracket
Monthly Use of General purpose Credit Cards by Race/Ethnicity

Gift and Other Prepaid Cards

The Case for Gift or Other Prepaid Cards
Gift Card Purchasing Rates
Top Types of Gift Cards
Purchasing of Gift Cards by Gender
Purchasing of Gift Cards by Age Bracket
Purchasing of Gift Cards by Income Bracket
Purchasing of Gift Cards by Race/Ethnicity
Gift Card Denomination Trends
Purchasing Rates for Prepaid Cards
Prepaid Cards by Brand
Purchasing of Prepaid Cards by Gender
Purchasing of Prepaid Cards by Age Bracket
Purchasing of Prepaid Cards by Income Bracket
Purchasing of Prepaid Cards by Race/Ethnicity

For more information about this report visit https://www.researchandmarkets.com/r/4wxmbd

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