north america consumer payments survey results – 2014
DESCRIPTION
The recent research results from Accenture’s 2014 North America Consumer Payments Survey illuminates consumers’ attitudes about payments and how they anticipate making payments by 2020. From digital currencies to mobile payments, ways to pay are evolving quickly, giving consumers more choices than ever. With choice comes control—so much so that it is the consumer who will drive payments change over the next decade. Payments providers must adapt accordingly or risk getting left behind. Five key findings point to significant changes in the industry.TRANSCRIPT
My Pay. My Way.How consumer choice will shape the future of payments
2Copyright © 2014 Accenture All rights reserved.
What does the future of payments look like?
Accenture surveyed 4,000 consumers in North America to understand their attitudes about payments and how they anticipate making payments by 2020.
We asked consumers.
Copyright © 2014 Accenture All rights reserved.
FINDING 1 FINDING 2 FINDING 3 FINDING 4 FINDING 5
3
Five key findings point to big changes in payments from now to 2020.
Consumers have spoken—but are payments players prepared to meet their needs?
Copyright © 2014 Accenture All rights reserved.
KEY FINDING 1
4
By 2020, consumers will use traditional payments instruments less and emerging ones more—but cash won’t be dead.
TODAY
66%2020
54%USE CASH DAILY OR WEEKLY
Copyright © 2014 Accenture All rights reserved.
KEY FINDING 2
5
Digital currency is a practical reality for consumers today—and usage will grow by 2020.
TODAY
8%2020
18%USE DIGITAL CURRENCIES
DAILY OR WEEKLY
Copyright © 2014 Accenture All rights reserved.
KEY FINDING 3
6
Consumers’ use of mobile payments has increased significantly in just two years.
U.S.
+24%
CANADA
+16%MOBILE PAYMENTS USE
FROM 2012 TO 2014
Copyright © 2014 Accenture All rights reserved.
KEY FINDING 4
7
Consumers prefer to use network card providers as mobile payments providers—for now.
TODAY
72%
NETWORK CARD PROVIDERS
ARE #1
Copyright © 2014 Accenture All rights reserved.
KEY FINDING 5
8
Mobile payments users can be influenced to increase use—non-users are harder to win over.
SCAN & PURCHASETO BYPASS CHECKOUT
71%
REWARD POINTS
77%
DISCOUNT PRICING & COUPONS
79%
TOP USER INCENTIVES
9Copyright © 2014 Accenture All rights reserved.
How to win in mobile payments
1. Focus on incentives that consumers find attractive.
2. Address consumers’ security and privacy concerns.
3. Connect with Millennials who are early adopters.
About AccentureAccenture is a global management consulting, technology services and outsourcing company, with more than 305,000 people serving clients in more than 120 countries. Combining unparalleled experience, comprehensive capabilities across all industries and business functions, and extensive research on the world’s most successful companies, Accenture collaborates with clients to help them become high-performance businesses and governments. The company generated net revenues of US$30.0 billion for the fiscal year ended Aug. 31, 2014. Its home page is www.accenture.com.
For more information
Copyright © 2014 Accenture All rights reserved.
Accenture, its logo, andHigh Performance Deliveredare trademarks of Accenture.
Read the complete survey results at:
www.accenture.com/paymentsurvey2014
@BankingInsights
14-4842
Join the conversation:
Matt FriendManaging DirectorAccenture Payment Services
Contact us