So, what payment options are consumers and businesses focused on?
In 2019, 42% of online purchases came from mobile payments, according to Power Your Payments research. And consumers will continue to prioritize payment options that deliver flexibility and convenience. One key path to that convenience is in mobile and digital wallets.
Mobile wallets are transforming payments at the point of sale. This means more and more consumers can use their mobile phones to safely and securely store their credit and debit cards. Similarly, digital wallets offer a method of payment through other devices including phones, laptops, tablets, and more. According to the FIS Performance Against Consumer Expectations survey, 45% of consumers have a mobile payment wallet and 16% of consumers are actively moving away from cash and checks, which will likely lead to increasing digital payments adoption.
Among Power Your Payments respondents, 65% were open to paying for subscriptions with digital wallets. Growth-focused companies offering digital wallet payments can benefit from the convenience of a payment method customers prefer, which is good news for business since 33% of Power Your Payments respondents agreed that convenience is their first priority when it comes to payments and more than a billion shoppers made digital/mobile wallet payments in 2020, according to Worldpay’s Global Payments report.
Increasingly, businesses are investing in digital technology and adapting their businesses to support the changing buying behaviours of consumers. Digital and mobile payments are more relevant than ever as the market continues to change and consumers look for better, easier ways to spend. In my view, this is a prime example of technology enabling consumers to leverage the payment methods that suit their needs. Among so many payment options, technology has given consumers the power to choose quick, secure payment methods for everything they need.