Payments technology and fraud often impact consumers and the way they shop and pay for things.
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Data for today’s episode is provided by Mercator Advisory Group’s report – 2019 U.S. PaymentsInsights – Technology and Fraud: Consumer Concern Is Real.
Only One of the Newer Payment Technologies Has Seen Majority Adoption:
- Pay with chip by inserting a card into a terminal is the only new payment tech with majority adoption: 86%
- Pay by waving or tapping is the next most-used: 36%
- Only 1 in 3 US consumers used a mobile app like Apple Pay or Google Pay in 2019
- Mobile apps like Apple Pay or Google Pay have similar (~30% usage across app, browser, and in-store)
- QR code payments, popular in Asia, have been used by 23% of US consumers
- The least popular new payment technologies include voice through smart speaker: 19%
- Tied for least popular are wearables, used by 19% of US consumers
Mercator Advisory Group’s most recent consumer survey report, Technology and Fraud: Consumer Concern Is Real, from the bi-annual North American PaymentsInsights series, takes an in-depth look at U.S. consumers’ current perspectives on technology and fraud.
This report explores how technology and fraud impact consumers lives and, in particular, the way they shop and pay for things. This includes detail on not only what they do but also how they feel about these two important consumer issues.