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Great report from Accenture highlighting how the payments industry will change. Some of the findings include:
- Consumers expect to use traditional payment instruments slightly less and emerging payment instruments more.
- Digital currency is a practical reality for consumers today—and usage will only increase by the end of the decade.
- Consumers’ use of mobile payments has increased significantly in just two years.
- Consumers prefer today to use network card providers as mobile payments providers.
- Consumers who use mobile payments can be influenced to use them more—but challenges remain for adoption among non-users.
Accenture surveyed 4,000 consumers in North America to understand their attitudes about payments and how they anticipate making payments by 2020. Results of the survey indicate that consumers are driving change in the sector, and payments providers have to adapt accordingly. In choosing the method, provider and experience they prefer, empowered consumers have more ways to pay than ever before—from traditional instruments such as cash, credit and check to emerging ones like digital currencies and mobile payments. The survey also found that Millennials and high-income respondents will be the first to adopt “the next big thing” and will potentially be willing to pay for it. Bridging the gap between awareness and use of emerging payment instruments will mean influencing consumer choice to capture mindshare in a dynamic, disrupted and digital market
