Digital Consumer Payment Trends in the U.S.

 
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Published Sep 15, 2020 | 114 Pages | Pub ID: LA16121073

Digital Consumer Payment Trends in the U.S.

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This publication combines Packaged Facts’ report Digital Consumer Payment Trends in the U.S. with a supplemental report Consumer Payment Card Usage Trends in the U.S.

Digital Consumer Payment Trends in the U.S. – report 1

Already in growth mode, digital consumer payments are now in hyperdrive, driven by a pandemic that has shifted consumer shopping and purchasing much further into the digital realm. This shift, however, also benefits from broader macro trends: Riding mobile banking tailwinds, mobile payment accounts have become mainstream choices, and fintech innovation is quickly pushing open banking, neobanks, and point-of-sale installment loans forward. Meanwhile, the faster payments opportunity beckons—and mobile banking may enable consumers to realize the benefits of faster payments most fully. In the process, the act of making a payment is fading into the background, integrating itself seamlessly into the customer purchase experience.

This report unravels trends and innovations that are reshaping digital consumer payments in real time, by reviewing key Consumer Digital Payment Drivers, assessing trends driving faster, seamless payments, and analyzing the influence COVID-19 is having on the digital consumer payments space.

Consumer Payment Card Usage Trends in the U.S. – report 2

As part of this market research study, a second Packaged Facts report Consumer Payment Card Usage Trends in the U.S. is included. This report provides a compact overview of continuity and changes in U.S. adult use of the following types of consumer payment cards:
  • Debit cards
  • Credit cards
  • Gift cards
  • Prepaid cards
  • Executive Summary
    • Report Scope
    • Report Summary
    • Consumer Digital Payment Drivers
      • e-Commerce Growth Drives Electronic Payments
      • COVID-19 Pandemic Pushes Digital Commerce Into Overdrive
      • Electronic Payments Share Continues to Rise
      • Digital Banking and Payment Access Predominates
      • It's a Mobile World
      • Fintech Innovation Drives Digital Payments Transformation
    • Words to Live by: Faster, Easier, Invisible, Engaged
      • The Faster Payments Opportunity
      • Payments Fade Into the Background
      • Contactless Card Renaissance
    • The COVID-19 Effect
      • Payment Method and Payment Method Safety Shifts
      • Spending and Banking Behavior Shifts
      • Shifts in Consumer Credit Use and Future Payment Choices
  • Digital Payments Drivers
    • e-Commerce Growth Drives Electronic Payments
      • E-Commerce Continues to Grow Retail Sales Share
      • Internet-Only and Omni-Channel E-Commerce Sales Trends Both Strong
        • Table E-Commerce Sales: In-Store, Direct, Internet-Only, and Omni-Channel, 2015-2019 (billion dollars)
      • COVID-19 Pandemic Pushes Digital Commerce into Overdrive
        • Table Estimated Quarterly U.S. Retail Sales: Total and E-commerce, Q3 2018-Q2 2020 (billion dollars)
      • Online Purchasing Translates to Electronic Payments
    • Electronic Payments Share Continues to Rise
      • Consumer Payment Card Usage Volume Outpaces Cash, Checks, and Money Orders
      • Debit Surpasses Cash
      • Cash Loses Ground
      • ACH over Check
        • Table Number of Monthly Consumer Payments by Type of Payment Instrument, 2015-2019
        • Table Share of Consumer Payments Made, by Type of Payment Instrument, 2015-2019
      • ACH-Based Consumer Payment Methods Generate the Most Payment Value
        • Table Dollar Value of Consumer Payments by Type of Payment Instrument, 2015-2019
        • Table Dollar Value Share of Consumer Payments by Type of Payment Instrument, 2015-2019
    • Digital Banking and Payment Access Predominates
      • Table Consumer Ownership of Accounts and Adoption of Account Access Technologies, 2015-2019
      • Online Inroads
    • It's a Mobile World
      • Mobile Phones and Connected Devices
      • Mobile Banking a Mainstream Phenomenon
      • Yet Consumer Adoption of Mobile Payment Services Remains Low
      • In-Dash Payments: The Mobile Payment Frontier
    • Fintech Innovation Drives Digital Payments Transformation
      • Open Banking
      • Neobanks
      • Point-of-Sale Installment Loans
  • Words to Live by: Faster, Easier, Invisible, Engaged
    • The Faster Payments Opportunity
      • What It Is
      • How It Works
      • What It Can Provide
      • Who Provides the Solutions
      • Mobile Banking as Catalyst?
    • Payments Fade into the Background
      • What It Is
      • Why It's Important
      • Showing How It's Done: Feature-Laden Retailer App Engagement
      • In Focus: Kohl's
      • In Focus: American Eagle
      • More than Mobile P2P: Square's Feature-Based Engagement
      • Seamless Digital Checkout Experience
        • Table Smartphone Payment Methods Used, 2020
      • A Possible Solution: "Click to Pay" Secure Remote Commerce
      • Seamless Rewards
    • Contactless Card Renaissance
  • The COVID-19 Effect
    • Payment Method Shifts
      • Payment Methods: The Less Physical Contact, the More Likely to Use
        • Table Effect of COVID-19 on Digital and Non-Digital Payment Methods Used, Ranked More/Less Ratio, 2020
      • Payment Method Safety: Pre-Payment Wins; Giving Card to Person Loses
        • Table Effect of COVID-19 on Physical Point-of-Sale Payment Methods Used, Ranked by Safe/Unsafe Ratio, 2020
    • Spending and Banking Behavior Shifts
      • Banks Deliver in the Clutch; Digital Preferences Catch Fire
        • Table Effect of COVID-19 on Spending and Banking Behavior, Ranked by Agree/Disagree Ratio, 2020
    • Shifts in Consumer Credit Use and Future Payment Choices
      • Shifts in Types of Consumer Credit Used: Credit Cards Reign
        • Table Effect of COVID-19 on Types of Consumer Credit Used, Ranked by More/Less Ratio, 2020
      • Credit Cards and Debit Cards More Likely To Be Used For Duration Of Crisis
        • Table Effect of COVID-19 on Future Consumer Credit and Non-Credit Payment Instrument Use, Ranked by More/Less Ratio, 2020
  • Appendix
    • Methodology
      • Consumer Survey Methodology
      • Abbreviations
        • Table Table Appendix-1: Report Abbreviations, 2020
      • Terms and Definitions
  • Introduction
    • Introduction: The Great Recession & Payment Cards
  • PAYMENT TRENDS & PSYCHOGRAPHICS
    • OVERVIEW OF PAYMENT TRENDS
      • Table Overall Adult Use of Payment Methods: By Type, 2009-2019 (percent and percentage point change)
    • FINANCIAL PSYCHOGRAPHICS
      • Table Selected Consumer Attitudes About Personal Finance, 2009 vs. 2019 (percent of adults)
    • PAYMENT TYPES AND CONSUMER CONFIDENCE
      • Table Use of Payment Method by Type: By Level of Consumer Confidence, 2019 (percent)
    • PAYMENT TYPES AND PURCHASE PROPENSITY
      • Table Use of Payment Method by Type: By Level of Purchase Propensity, 2019 (percent)
    • PAYMENT TYPES AND FINANCIAL SITUATION
      • Table Use of Payment Method by Type: By Whether Worse/Better Off Financially Compared With 12 Months Ago, 2019 (percent)
  • DEBIT CARDS
    • THE CASE FOR DEBIT CARDS
    • USE OF DEBIT CARDS
      • Table Overall Debit/ATM Card Usage Rates: By Brand, 2009-2019 (percent among adults overall and percentage point change)
      • Table Debit/ATM Card Use in Last 30 Days: by Type and Brand, 2009-2019 (percent among debit cardholders and percentage point change)
    • USE OF DEBIT/ATM CARDS FOR CASH
      • Table Debit/ATM Card Usage Patterns: Ownership and Frequency of Use for Cash, by Brand, 2019 (percent of adults)
      • Table Debit/ATM Card Usage Patterns: Ownership and Frequency of Use for Cash, by Brand, 2019 (percent of debit cardholders)
    • USE OF DEBIT/ATM CARDS BY GENDER
      • Table Overall Debit Card Usage Rates: By Gender, 2009 vs. 2019 (percent and percentage point change)
    • USE OF DEBIT/ATM CARDS BY AGE BRACKET
      • Table Overall Debit Card Usage Rates: By Age Bracket, 2009 vs. 2019 (percent and percentage point change)
    • USE OF DEBIT/ATM CARDS BY INCOME BRACKET
      • Table Overall Debit Card Usage Rates: By Income Bracket, 2009 vs. 2019 (percent and percentage point change)
    • USE OF DEBIT/ATM CARDS BY RACE/ETHNICITY
      • Table Overall Debit Card Usage Rates: By Race/Ethnicity, 2009 vs. 2019 (percent and percentage point change)
  • CREDIT CARDS
    • THE CASE FOR (AND AGAINST) CREDIT CARDS
    • USAGE RATES FOR CREDIT CARDS
      • Table Overall Credit Card Usage Rates: by Brand and Type, 2009-2019 (percent among adults overall and percentage point change)
    • MONTHLY USE OF CREDIT CARDS
      • Table Credit Card Use in Last 30 Days: by Type and Brand, 2009-2019 (percent among credit cardholders and percentage point change)
      • Table Frequency of General-Purpose Credit Card Use: By Brand, 2019 (percent of adults overall)
    • MONTHLY USE OF STORE CARDS
      • Table Frequency of Credit Card Use: Store Credit Card by Other Type, 2019 (percent)
    • ACTIVE CUSTOMER BASE FOR GENERAL-PURPOSE CREDIT CARDS
      • Table Active General-Purpose Credit Card Users (percent of adults, millions of adults, and percentage point change)
    • MONTHLY USE OF GENERALPURPOSE CREDIT CARDS BY GENDER
      • Table General-Purpose Card Use in Last 30 Days: By Gender, 2009 vs. 2019 (percent and percentage point change)
    • MONTHLY USE OF GENERALPURPOSE CREDIT CARDS BY AGE BRACKET
      • Table General-Purpose Card Use in Last 30 Days: By Age Bracket, 2009 vs. 2019 (percent and percentage point change)
    • MONTHLY USE OF GENERALPURPOSE CREDIT CARDS BY INCOME BRACKET
      • Table General-Purpose Card Use in Last 30 Days: By Income Bracket, 2009 vs. 2019 (percent and percentage point change)
    • MONTHLY USE OF GENERALPURPOSE CREDIT CARDS BY RACE/ETHNICITY
      • Table General-Purpose Card Use in Last 30 Days: By Race/Ethnicity, 2009 vs. 2019 (percent and percentage point change)
  • GIFT AND OTHER PREPAID CARDS
    • THE CASE FOR GIFT OR OTHER PREPAID CARDS
    • GIFT CARD PURCHASING RATES
      • Table Purchasing Rates for Gift Cards, 2011-2019 (percent and percentage point change)
    • TOP TYPES OF GIFT CARDS
      • Table Gift Card Purchasing Rates: Types Bought in Last 12 Months, 2011-2019 (percent and percentage point change)
    • PURCHASING OF GIFT CARDS BY GENDER
      • Table Gift Card Purchasing in Last 12 Months: By Gender, 2011 vs. 2019 (percent and percentage point change)
    • PURCHASING OF GIFT CARDS BY AGE BRACKET
      • Table Gift Card Purchasing in Last 12 Months: By Age Bracket, 2011 vs. 2019 (percent and percentage point change)
    • PURCHASING OF GIFT CARDS BY INCOME BRACKET
      • Table Gift Card Purchasing in Last 12 Months: By Income Bracket, 2011 vs. 2019 (percent and percentage point change)
    • PURCHASING OF GIFT CARDS BY RACE/ETHNICITY
      • Table Gift Card Purchasing in Last 12 Months: By Race/Ethnicity, 2011 vs. 2019 (percent and percentage point change)
    • GIFT CARD DENOMINATION TRENDS
      • Table Amount Spent on Gift Cards by Type in Last 12 Months, 2011 vs. 2019 (percent)
    • PURCHASING RATES FOR PREPAID CARDS
      • Table Used Prepaid Cards (Not Gift Cards) in Past 12 Months, 2011-2019 (percent and percentage point change)
      • Table Use Prepaid Cards (Not Gift Cards), By Type: Reloadable vs. Non-Reloadable, 2013-2019 (percent and percentage point change)
    • PREPAID CARDS BY BRAND
      • Table Prepaid Cards (Not Gift Cards) Used, By Brand, 2011-2019 (percent and percentage point change)
    • PURCHASING OF PREPAID CARDS BY GENDER
      • Table Prepaid Card (Not Gift Card) Use in Last 12 Months: By Gender, 2011 vs. 2019 (percent and percentage point change)
    • PURCHASING OF PREPAID CARDS BY AGE BRACKET
      • Table Prepaid Card (Not Gift Card) Use in Last 12 Months: By Age Bracket, 2011 vs. 2019 (percent and percentage point change)
    • PURCHASING OF PREPAID CARDS BY INCOME BRACKET
      • Table Prepaid Card (Not Gift Card) Use in Last 12 Months: By Income Bracket, 2011 vs. 2019 (percent and percentage point change)
    • PURCHASING OF PREPAID CARDS BY RACE/ETHNICITY
      • Table Prepaid Card (Not Gift Card) Use in Last 12 Months: By Race/Ethnicity, 2011 vs. 2019 (percent and percentage point change)

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