Zilch’s Post

Fastest growing payment methods in E-commerce Consistent with prior years of MRC study, merchants continue to accept four to five different payment methods on average from their customers. Card and digital wallet payments are the top two acceptance methods, each used by roughly three quarters of eCommerce merchants worldwide. Most merchants accept debit transfers and mobile payments as well. While those top acceptance methods are widely used by merchants in all regions, some methods are used much more in certain markets than others: for instance, cash on delivery is accepted by more than one-third of merchants in APAC, versus less than 25% of merchants in other regions. And gift cards and vouchers are far more popular among North American merchants than those operating elsewhere. As consumer expectations and preferences regarding digital payments evolve, so too, must merchant acceptance offerings. Among the fastest-growing new payment methods are digital wallets (currently accepted by 72%), mobile payments (52%), realtime payments (42%) and buy now, pay later (32%). The survey shows that a large share of merchants now accepting these types of payments added them within the past year. Adding new methods is especially important for merchants looking to improve the customer experience and/or reach new customers. In fact, these are the top two motivations merchants cite in the survey for adopting new acceptance offerings. Overall, merchants overwhelmingly agree that the rise of realtime payments represents a positive development for the financial ecosystem, since real-time payments can complement credit card payments. 83% of merchants agree with this sort of statement and only 4% disagree. #openbanking #paybybank #identitymanagement #verifiablecredentials 

Fastest growing payment methods in E-commerce and key reasons for adding new ones. Among the fastest-growing new payment methods are digital wallets (currently accepted by 72%), mobile payments (52%), realtime payments (42%) and buy now, pay later (32%).

In the Digital Payment Trends department, Gen Z has gravitated to digital wallets. While not surprising, the degree to which their strong interest is heading may leave some merchants unprepared. #DigitalPayments #DigitalMarketing #Retail #Strategy #AdvancedAnalytics

Did you know that Aussies lost $2.2 billion to card fraud in 2023?   With AusPayNet data suggesting that 90% of domestic card fraud occurs in card-not-present environments, it’s never been more important to #secure #ecommerce #transactions.   That’s why Mastercard has begun scaling its new embedded online checkout experience, Mastercard Click to Pay, in Australia.   By eliminating the need to manually enter card details when shopping online, Mastercard Click to Pay:   💳 Brings the convenience of contactless payments to ecommerce, using a simple and secure e-mail lookup to access available cards.   🛒 Delivers a consistent and streamlined checkout experience for consumers, while reducing cart abandonment and increasing approval rates for merchants.   🔐 Uses #tokenisation and #biometric #authentication to protect payments, providing peace of mind while tackling fraud head on.   Learn more about how #ClicktoPay is changing the game for online checkouts at the link below 👇   #payments #security #ecommerce

Accord to the FIS Global Payments report, digital wallets now make up 49% of transaction value as of 2022 and forecasted to be 54% of transaction value in 2026. Digital wallets are now used for beyond payments to store digital credentials such as driver’s license and passports around the world. The biometric option you use to unlock your phone can also be used to authenticate a payment transaction through your phone creating a seamless experience for the consumer. Our latest PYMNTS.com U.S. study released this week highlights digital wallet preferences for consumer vary by age group. The younger generation including GenZ prefer debit cards over credit cards to better manage their personal finances. Debit card use remains prevalent as the underlying payment method in digital wallets. Over half of in-person retail (54%) and grocery (51%) which used digital wallet payments used debit as the underlying payment method in November 2023. Both shares increased from 50% in October 2023. Debit is also the primary underlying payment method when paying via digital wallet for online purchases. For online grocery shopping, 38% of purchases paid with digital wallets use debit as the underlying payment method, while credit cards follow, at 24%. Half of consumers are interested in using digital wallets’ other features including transferring funds between a bank account and digital wallet balance, paying a recurring monthly bill, and transfer money internationally. The current generation of digital-first consumers value the convenience and frictionless payment experiences digital wallets enable. Learn more in this latest research report, a PYMNTS and Amazon Web Services (AWS) collaboration #DigitalWallets #DigitalPayments #FinancialServices #Biometrics #AWS #PYMNTS

In the Digital Payment Trends department, Gen Z has gravitated to digital wallets. While not surprising, the degree to which their strong interest is heading may leave some merchants unprepared. #DigitalPayments #DigitalMarketing #Retail #Strategy #AdvancedAnalytics

🚀 #Shoptalk Alert: Exciting News: Unlock the Power of Secure Transactions with Paze℠! 🛡️ Ever wondered how to make your online transactions even more secure and hassle-free? Say hello to Paze℠, from the creators of Zelle®, – the game-changer in digital payments!💳 🔒 Security at its Core: Paze℠ takes your online #security seriously. Forget sharing your actual card number with merchants! With Paze℠, your transactions are shielded by a unique number, ensuring an extra layer of protection. 💪🛑 💼 Convenience Redefined: Paze℠ is not just secure; it's super convenient too! No need to download a new app, remember additional usernames or passwords, or manually enter your card details. It seamlessly integrates with the participating banks and credit unions you already trust. 🤝📲 🔄 Automatic Updates: Tired of updating your card details across multiple platforms? Paze℠ does the heavy lifting for you. Your card numbers stay up to date automatically, ensuring a smooth and hassle-free payment experience. ⚙️🔄 🏦 Trusted Partnerships: Rest easy knowing that Paze℠ is offered by the banks and credit unions you rely on. No need to switch – simply enhance your existing financial relationships with the added security and convenience of Paze. 💼🌐 💳 Cards Supported by Paze℠: Paze℠ accommodates eligible Visa and Mastercard #credit and #debit cards issued by participating financial institutions, including: Bank of America, Capital One, Chase, Elan, PNC, Truist, U.S. Bank & Wells Fargo 🤝Paze℠ announces ecosystem strength with key participants, such as Wink, enhancing connectivity for merchants. 🔒 What is Wink? Wink, the only biometric identity and payments platform, whose checkout experience is integrated with Paze℠. Merchants utilizing Wink’s plug-in checkout technology for e-commerce platforms like Adobe commerce (#magento) will be able to enjoy the Paze℠ functionality out of the box without writing any line of code including pre-built payment integration with their favorite Paze℠ ready processor. The integration is designed to greatly enhance conversions and reduce fraud for merchants by removing passwords and manual card entry for the hundreds of millions of pre-enrolled Visa and Mastercard cardholders. Wink's team collaborates with innovative merchants to enhance conversion rates and minimize fraud through guest checkout. 🚀 Ready to elevate your customers' online transaction experience and boost your conversion rates by 3-10%? Contact Wink now to unlock the advantages of Paze℠! 💳 ⏰ Act fast – Wink is offering exclusive merchant incentives for Paze℠ integration, but only for a limited time! Don't miss out on this opportunity to enhance your business. 🌐🏦 #PazeIntegration #ElevateTransactions #WinkIncentives #LimitedTimeOffer #checkout #Paze #SecurePayments #DigitalTransformation #OnlineSecurity #ConvenienceMatters #shoptalk2024 #shoptalk

𝐏𝐞𝐫𝐬𝐨𝐧𝐚𝐥𝐢𝐬𝐞𝐝 𝐏𝐚𝐲𝐦𝐞𝐧𝐭𝐬 𝐖𝐢𝐥𝐥 𝐇𝐞𝐥𝐩 𝐌𝐞𝐫𝐜𝐡𝐚𝐧𝐭𝐬 𝐒𝐭𝐚𝐧𝐝 𝐎𝐮𝐭 𝐢𝐧 𝟐𝟎𝟐𝟑. 🌟 Before the onset of the pandemic, consumers primarily used cash, credit, or debit cards—regardless of whether they were shopping online or in-store. But in recent years, digital and mobile wallets have emerged, offering consumers more options at checkout. Read more via PaymentsJournal: https://bit.ly/44b09Vi #MerchantAccounts #Finance #PaymentSolutions

When we work with clients or teach our Glenbrook Partners Payments Boot Camp, we stress that one of two things must happen for consumers to change behavior in the way that they pay: 1. There must be a major increase in customer convenience at the time of purchase or; 2. There has to be some significant financial incentive. If you’re a product manager, merchant considering a new payment type, investor, or someone looking at taking a job with a company in the payments space, this is a basic litmus test to determine whether a payment method has the potential for success. If whatever a vendor brings to market doesn’t address at least one of these two requirements, it's typically dead in the water. There’s been a lot said about PayPal's “First Look” media blitz last week (https://lnkd.in/eNHKgz42), and I won’t go too deep into what they’ve announced. But what’s clear is that they are trying their best to work under the two guiding principles I mentioned.  Much of their announced enhancements continue to focus on optimizing the checkout experience. This is a win/win as it addresses the consumer thirst for convenience and the merchant’s desire to optimize checkout and increase conversion. Some attractive financial incentives were also announced for US consumers, starting with 5% or more cash back at merchants like McDonald’s, Uber, Walmart, and Best Buy. And if you also use a PayPal co-branded Mastercard, you’ll receive an additional 3% cash back. This starts to get interesting as 5% or 8% total cash back on a purchase might be enough to entice some consumers to choose the PayPal button at some major retailers. (How sustainable these offers will be is a whole other question and, unfortunately for them, the payment economics in Europe won't allow for consumer savings anywhere near this magnitude.) PayPal has its challenges at checkout. It’s a competitive, cutthroat business. Apple Pay is nipping at their heels. Open Banking providers are saying, “We can offer a similar customer experience at a lower cost.” However, I think PayPal is improving its core assets related to “branded checkout” and evolving the story behind its value proposition. We “payments pundits” are always quick to opine on major industry news like this, but consumers and merchants will be the ultimate judge and jury.  We'll be keeping a close eye on how it evolves over the coming year... #payments #paypal

How much is Trust in a retailer worth these days? According to new research by Forter, shoppers are willing to spend an average of up to 44% with a retailer they trust. Furthermore, they found 77% of surveyed shoppers say that they would abandon a checkout if the payments experience was too complicated. In a market where e-commerce has become an essential sales channel for retailers, but also where online fraud is becoming an omnipresent threat, businesses must ensure that they’re building loyalty with their customers by providing secure payments flows. Similarly, with sky-high consumer expectations now also a market factor, providing seamless, easy payment experiences is now essential to enhance delight in the online shopping experience. Read more on this report in The Fintech Times: https://lnkd.in/ep5DXNCf #fintech #payments #loyalty #trust