Moving Money Around: The New Payments Revolution
More and more consumers are now using their cards to make purchases and pay bills digitally – without touching the actual card. Digital payments include use of bill-pay services, person-to-person (P2P) apps like PayPal and Venmo, stored value accounts like Amazon and Starbucks, and mobile payments like Apple Pay and Samsung Pay. Most consumers have one card linked to those payment methods. A successful financial institution must motivate consumers to choose its card as that one card. This study seeks to understand consumer payment perceptions and behaviors, including the payments consumers make, the cards they use and the new technologies shaking up the industry.