US Cards & Payments: Mobile trends as the Medium to Make Payments

Posted by Deeksha on October 31st, 2019

Mobile shapes the way of living, banking and payments in US. Consumers differentiate between financial institutions and card issuers on the basis of experience the gain by using different traditional and digital channels provided by them. Brands and organizations in US have acknowledged customer experience as new competitive battle field and they are continuously engrossed in providing products, solution and tools that offer convenience, speed and simplicity. An intelligence report titled, “US Cards & Payments: Opportunities and Risks to 2023” is the source of all the stated insights. This report is the latest addition to Market Research Hub’s ever growing repository.

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Consumers, especially of younger age group are increasingly adopting mobile for payments. Majority of young population uses in-app payments and few of them have even loaded their debit card into mobile wallet. Though the old age group uses in-app payments, associating debit card in mobile wallet is a rare occurrence for this group. Mobile banking apps are primarily used for viewing balance.

P2P adoption rate is increasing

P2P adoption rate is accelerating between consumers with rapidly increasing awareness about these services. Contactless cards are gaining momentum in US and are being issued by major FIs. Loyalty reward programs awarded on credit cards attract consumers with cash-back being the most demanded reward. Rewards integration with mobile wallets and apps trends in US as majority customers redeem their reward points for discounts during purchase from their mobile phones. Multiple channels including banking apps, smartphones, computers and tablets have surfaced as channels to conduct banking business. Although digital payments are on a rise, debit cards are used by a significant population to make payments.

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US consumers demand security features such as passcodes, finger prints and facial recognition in mobile banking apps. Comfort with voice recognition in making payments is increasing with smart speakers that include Amazon’s Alexa and Google Home.

US cards & payments: Report Synopsis

Quantitative and qualitative assessment exhort intelligence and overarching report on the US cards & payments. Further, the report thoroughly delineates various aspects of the market that will potentially have considerable influence on the development of the US cards & payments. As such, those aspects incorporate drivers, trends, restraints, and opportunities. Furthermore, the report elucidates segregation of the market that provides an exhaustive analysis on US cards and payments.

An insightful and deep-dive assessment of the competitive assessment of the US cards & payments pins hope on Porters’ Five Force Analysis. Accordingly, the Porters’ Five Force Analysis offers a pressing analysis on the potential strategies of the preeminent players in the US cards & payments. In addition, the business strategies counts on company overview, product portfolio, SWOT analysis, key differentiation and recent development.

US cards & payments: Research Methodology

Primary sources and secondary sources propel intelligence report on US cards & payments that provide deep dive analysis on the market. As such, the report provides reliable and unbiased projections, and assessments which have palpable impact on the market size and historical data. Besides, the report also counts on primary sources which hinges upon in-depth and intelligent analysis from well-grounded and reliable experts, telephonic interview, and a thorough assessment from surveys and seasoned analyst.