Usage and interest in various payment methods, in USA: facts, figures and tends.
Alipay, the third-party online
payment solution giant is worth $150 billion transactions processed
in 2013. Held by Alibaba (China e-commerce titan), Alipay henceforth generates
twice more transactions that Square and Paypal combined. This means, the
Chinese market is growing very fast.
In the United States,
after several years of growth, Connectikpeople.co observes that, the market is
now entering a period where adoption gains may come more slowly. This
means that, providers need to offer products that add
value beyond
the payment.
As a must-attend landmark for digital transformations, for the company of
all sizes, Connectikpeople.co has captured for you, a new report, “Business Strategy:
Results from the 2014 Consumer Payments Survey,” (Document # FI247805) which polled U.S. consumers in regard to emerging payment methods and
technologies.
After several years of growth in the use of emerging payment methods like
prepaid cards and mobile payments, the new survey saw a small decline in online
bill payment (network-branded and store branded gift cards). According to the same study, Mobile payments
saw an increase (small compared with recent trends).
The IDC Financial Insights reveals that:
- Online bill payment continues to see strong overall adoption, though usage has decreased slightly for a second year in a row.
- Nearly three quarters of consumers (70.0%) reported using electronic bill payment, either directly through a biller's site or through a consolidator like an online banking site.
- Approximately one-third (37.2%) of respondents reported using a mobile payment method of some kind.
- PayPal Mobile is still the most frequently used mobile payment method. PayPal was used by more than half of respondents (58.6%) in IDC Financial Insights' 2014 Consumer Payments Survey, ahead of both Amazon Payments and Apple's iTunes, which remained at around 40%.
