Insight Series – Payments: Following Changing Consumer Habits

April 11, 2018

The smartphone-dependent generation is driving the evolution of the payments space, with its deep engagement with social media and messaging services. People are expecting intuitive journeys and instant results in everyday encounters. These shifting consumer behaviours and perceptions demand significant changes in payment journeys, specifically with regards to frequent purchases and transfers of money between friends.

Considering changing consumer habits and the shifting regulatory landscape, this report intends to illustrate the most successful examples of:

  • peer-to-peer payments
  • consumer-to-business payments
  • developments of payment initiation services.

With social networks and Fintechs slowly but steadily eating into segments of the financial services market, banks need to learn from their competition and explore how to deliver payment journeys in the channels where their customers are. Being able to make payments and purchases all from a single hub, therefore saving time not having to switch between platforms and apps, is a great benefit for the consumer. But, how will providers create sticky loyalty in this competitive market?

We focus on both incumbent banks and Fintech companies to look at the move towards contactless and invisible payments, and show that there are opportunities to create payment services that add value to consumers, creating tools that put people in control and suggest smart actions.

This report features screenshots from Curve, Cleo, WeChat and more.