Rethinking resident experience: Why consumer tech trends matter now more than ever https://ift.tt/q58FBZk Industries like retail, banking, transportation and food service have undergone massive digital transformation in recent years by leveraging new technologies to enhance consumer experience. As a result, today’s consumers now expect the same seamless digital experiences in all areas of their lives, including rental management. Gen Z renters in particular expect digital-first experiences, and have emerged as a powerful consumer base within the rental market. Meanwhile, there’s been a surge in the construction of new units: nearly one million new apartment units are projected to be available by 2025, according to a market analysis using data from the U.S. Census Bureau. This means the competition to attract and retain great residents will be fierce. All of these factors make it crucial for property managers to boost resident experience and stand out in the market with resident-facing technology. In fact, a recent report found that renters who are satisfied with technology are 17% less likely to plan a move. Here are three areas that are ripe for digitization: Simplifying the move-in process What do consumer tech spaces like online banking, fitness trackers and streaming services all have in common? For one thing: a centralized user portal that houses key information and helps users complete common tasks. Within the property management space, these online portals can be used to boost resident experience while also creating efficiencies for operators. For example, resident-facing portals can ease the move-in process—which has historically not been easy for residents—by helping renters sign the lease, pay their security deposit and set up utilities. Ninety-five percent of residents who used an online portal for these tasks found it helpful, according to the Renter Preferences Report. On the management side, these portals speed up the lead-to-lease process and relieve property managers of having to facilitate these tasks directly. That means residents settle into their space more quickly while property managers have more time to spend on business operations. Fintech meets proptech Payments and financial services are two other areas where technology inspired by the consumer space can benefit both residents and property managers. Digital payments have been the norm for years in spaces such as retail and restaurants. Nine out of ten consumers used some form of digital payment last year, including online payments, digital wallets and in-app purchases. Meanwhile, nearly two-thirds of smartphone users use an app to manage their finances. Property managers should look to replicate this trend, as the Renter Preferences Report found that renters who are satisfied with financial services are 21% less likely to plan a move. It also found that the vast majority of Gen Z (90%) and Millennial (87%) renters consider online payments very...
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Strategic Commercial Leader | FinTech, Payments & Platforms Innovator | Scaling Global Businesses | ex-Visa, Uber, Payoneer
The Future of Consumer Payments: Will Digital Wallets Surpass Debit Cards by 2027? Digital wallets have revolutionised the payment landscape in recent years, offering an easy, contactless, and secure way to make purchases and transfer money through the convenience of smartphones. This method is the fastest-growing payment option in the United States, particularly among younger consumers. Most Americans now use digital wallets more frequently than traditional payment methods, and intriguingly, consumers who use this payment method tend to spend more than nonusers. According to a new Worldpay report, digital wallets are set to overtake debit cards in transaction value for in-store payments in North America by 2027. This shift underscores the growing importance of digital wallets as a priority tool for businesses to incorporate into their payment suites. However, all the stakeholders must address several challenges, including perceptions about security, complexity, and legacy technology, to fully capitalise on this trend. Convenience Drives Adoption Digital wallets' popularity and payment values make them essential for businesses. The share of digital wallet users in the U.S. has climbed 12 percentage points since 2023 alone, with convenience being the main growth driver. Consumers cite ease of use as the primary reason for adopting digital wallets, and this convenience fuels greater spending. According to the Worldpay report, digital wallet use is projected to overtake debit cards in transaction value at the point of sale (POS) in North America by 2027, with digital wallet transactions expected to rise from 15% to 31% of POS transaction value between 2023 and 2027. Globally, digital wallets are predicted to account for nearly half of POS transaction value by 2027, up from 30% in 2023. This trend is driven by younger generations and high-income earners, making digital wallets an attractive proposition for merchants seeking to boost sales. Expanding Features and Uses The future of digital wallets extends beyond payments. According to recent research, consumers are showing high interest in using digital wallets for additional money movement options and features. While 35% of consumers still think they would use the method primarily for making purchases, 45% are most interested in using the tools for account-to-account transfers or recurring payments. Conclusion As digital wallets continue to evolve and expand their functionalities, they are poised to become an integral part of the payment ecosystem. For businesses, this presents a significant opportunity to stay ahead of consumer preferences and leverage new technologies to enhance customer experiences. The question remains: will digital wallets truly become the dominant payment method by 2027, and how will businesses adapt to this changing landscape? Do you use digital wallets? Do you think they may become the next big thing in payments? Share your insights in the comments below.
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Data/Digital Strategy Leader, Management Consultant in DX, CX, CLTV, DG, Catalog, Metadata, DQ, Lineage, MDM, MarTech, FinTech, Analytics, AI/ML, SAP, Privacy, GDPR, CCPA, ReOrgs, Security and GRC space
Building #AIAgents into apps you currently use to make them super apps are going to be game changing, especially in the payments space The #GenAI #LLM #FinTech disruption from #SuperApps in #FinancialServices #Healthcare #Legal #Retail among others is about to start
Digital wallets go beyond payments and now offer a suite of services Digital wallets are evolving into integrated platforms of applications to meet the shifting shopping preferences of consumers post-pandemic. With super apps assembling many third-party services through mini apps on their integrated platforms, consumers are not required to download separate apps from third parties on their mobile phones, as the 'instant use and instant drop' capabilities within super apps enable mini apps to appear for purchase and vanish post-purchase, providing a seamless user experience. Super apps and mini apps allow for simple user authentication, such as single sign-on and tracking of user preferences or app usage. Super apps are among the world’s most successful brands in digital wallets. Alipay and Wechat Pay, for instance, dominate the world’s largest digital wallet market in China. Digital wallet players in Southeast Asia followed suit and embraced the concept of the ‘super app’. For example, Malaysia’s Touch’N Go, initially known for its physical card used for toll payments, launched its e-wallet in 2018, enabling users to make digital payments for tolls, parking, and public transportation. Over the years, the wallet app surpassed its roots in transportation payments to become the most utilized e-wallet brand in Malaysia since 2020 Financial services is the leading application market for super apps in 2023. Financial services and payments account for more than half of the super app landscape, signifying the substantial influence they wield within this ecosystem. By incorporating a swathe of services, including mobile banking, peer-to-peer payments, insurance and investment platforms, the financial super apps have emerged as disruptors to conventional financial institutions. With built-in two-factor authentication and tokenization, digital wallets offer more secure transactions and peace of mind for consumers Super apps contribute to streamlining the shopping journey In the retail and commerce space, an omnichannel approach is becoming vital to satisfy consumer choice in the Asia Pacific region, driven by changes in consumers’ shopping journeys post pandemic. Stronger touchpoints and venues in the post-pandemic era, such as ecommerce and social media platforms and live stream channels, can be mostly accessed through super apps and mini apps. An average buying journey today might involve multiple touchpoints—in store, online, at home, across various digital platforms such as social media, apps, websites, automated messaging, and often jumping back and forth to complete a single transaction. Consumers, on average, are purchasing through three or more channels, and joining up their journeys provides a better user-experience, as well as enhanced sales and rewards scheme opportunities 👉More insights https://lnkd.in/d94JgWBU Source Deloitte #fintech #digitalwallet Prasanna Marcel Richard Panagiotis Tony Efi Nicolas Arjun Dr Ritesh
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Chief Growth Officer @ Bamboodt | Mobile Wallet，Digital Banking，Payments，Marketing - Product, Marketing，Soutions | Fintech，AI
Even though the customer experience of some native applications has been compromised, in the era when it is increasingly difficult to promote and download APPs, and when it is more challenging to compete for customers' usage time on mobile APPs, the architectural design of mini-programs in super-apps is a good solution.
Digital wallets go beyond payments and now offer a suite of services Digital wallets are evolving into integrated platforms of applications to meet the shifting shopping preferences of consumers post-pandemic. With super apps assembling many third-party services through mini apps on their integrated platforms, consumers are not required to download separate apps from third parties on their mobile phones, as the 'instant use and instant drop' capabilities within super apps enable mini apps to appear for purchase and vanish post-purchase, providing a seamless user experience. Super apps and mini apps allow for simple user authentication, such as single sign-on and tracking of user preferences or app usage. Super apps are among the world’s most successful brands in digital wallets. Alipay and Wechat Pay, for instance, dominate the world’s largest digital wallet market in China. Digital wallet players in Southeast Asia followed suit and embraced the concept of the ‘super app’. For example, Malaysia’s Touch’N Go, initially known for its physical card used for toll payments, launched its e-wallet in 2018, enabling users to make digital payments for tolls, parking, and public transportation. Over the years, the wallet app surpassed its roots in transportation payments to become the most utilized e-wallet brand in Malaysia since 2020 Financial services is the leading application market for super apps in 2023. Financial services and payments account for more than half of the super app landscape, signifying the substantial influence they wield within this ecosystem. By incorporating a swathe of services, including mobile banking, peer-to-peer payments, insurance and investment platforms, the financial super apps have emerged as disruptors to conventional financial institutions. With built-in two-factor authentication and tokenization, digital wallets offer more secure transactions and peace of mind for consumers Super apps contribute to streamlining the shopping journey In the retail and commerce space, an omnichannel approach is becoming vital to satisfy consumer choice in the Asia Pacific region, driven by changes in consumers’ shopping journeys post pandemic. Stronger touchpoints and venues in the post-pandemic era, such as ecommerce and social media platforms and live stream channels, can be mostly accessed through super apps and mini apps. An average buying journey today might involve multiple touchpoints—in store, online, at home, across various digital platforms such as social media, apps, websites, automated messaging, and often jumping back and forth to complete a single transaction. Consumers, on average, are purchasing through three or more channels, and joining up their journeys provides a better user-experience, as well as enhanced sales and rewards scheme opportunities 👉 Subscribe for more insights https://lnkd.in/d94JgWBU Source Deloitte #fintech #digitalwallets #payments Thomas Leda Timothy Alex Ali Carlos
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Digital wallets go beyond payments and now offer a suite of services Digital wallets are evolving into integrated platforms of applications to meet the shifting shopping preferences of consumers post-pandemic. With super apps assembling many third-party services through mini apps on their integrated platforms, consumers are not required to download separate apps from third parties on their mobile phones, as the 'instant use and instant drop' capabilities within super apps enable mini apps to appear for purchase and vanish post-purchase, providing a seamless user experience. Super apps and mini apps allow for simple user authentication, such as single sign-on and tracking of user preferences or app usage. Super apps are among the world’s most successful brands in digital wallets. Alipay and Wechat Pay, for instance, dominate the world’s largest digital wallet market in China. Digital wallet players in Southeast Asia followed suit and embraced the concept of the ‘super app’. For example, Malaysia’s Touch’N Go, initially known for its physical card used for toll payments, launched its e-wallet in 2018, enabling users to make digital payments for tolls, parking, and public transportation. Over the years, the wallet app surpassed its roots in transportation payments to become the most utilized e-wallet brand in Malaysia since 2020. Financial services is the leading application market for super apps in 2023. Financial services and payments account for more than half of the super app landscape, signifying the substantial influence they wield within this ecosystem. By incorporating a swathe of services, including mobile banking, peer-to-peer payments, insurance and investment platforms, the financial super apps have emerged as disruptors to conventional financial institutions. With built-in two-factor authentication and tokenization, digital wallets offer more secure transactions and peace of mind for consumers Super apps contribute to streamlining the shopping journey In the retail and commerce space, an omnichannel approach is becoming vital to satisfy consumer choice in the Asia Pacific region, driven by changes in consumers’ shopping journeys post pandemic. Stronger touchpoints and venues in the post-pandemic era, such as ecommerce and social media platforms and live stream channels, can be mostly accessed through super apps and mini apps. An average buying journey today might involve multiple touchpoints—in store, online, at home, across various digital platforms such as social media, apps, websites, automated messaging, and often jumping back and forth to complete a single transaction. Consumers, on average, are purchasing through three or more channels, and joining up their journeys provides a better user-experience, as well as enhanced sales and rewards scheme opportunities 👉 More insights https://lnkd.in/dbf7ag4K Source Deloitte #fintech #digitalwallet Prasanna Marcel Richard Panagiotis Tony Efi Nicolas Arjun Dr Ritesh
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Digital wallets go beyond payments and now offer a suite of services Digital wallets are evolving into integrated platforms of applications to meet the shifting shopping preferences of consumers post-pandemic. With super apps assembling many third-party services through mini apps on their integrated platforms, consumers are not required to download separate apps from third parties on their mobile phones, as the 'instant use and instant drop' capabilities within super apps enable mini apps to appear for purchase and vanish post-purchase, providing a seamless user experience. Super apps and mini apps allow for simple user authentication, such as single sign-on and tracking of user preferences or app usage. Super apps are among the world’s most successful brands in digital wallets. Alipay and Wechat Pay, for instance, dominate the world’s largest digital wallet market in China. Digital wallet players in Southeast Asia followed suit and embraced the concept of the ‘super app’. For example, Malaysia’s Touch’N Go, initially known for its physical card used for toll payments, launched its e-wallet in 2018, enabling users to make digital payments for tolls, parking, and public transportation. Over the years, the wallet app surpassed its roots in transportation payments to become the most utilized e-wallet brand in Malaysia since 2020 Financial services is the leading application market for super apps in 2023. Financial services and payments account for more than half of the super app landscape, signifying the substantial influence they wield within this ecosystem. By incorporating a swathe of services, including mobile banking, peer-to-peer payments, insurance and investment platforms, the financial super apps have emerged as disruptors to conventional financial institutions. With built-in two-factor authentication and tokenization, digital wallets offer more secure transactions and peace of mind for consumers Super apps contribute to streamlining the shopping journey In the retail and commerce space, an omnichannel approach is becoming vital to satisfy consumer choice in the Asia Pacific region, driven by changes in consumers’ shopping journeys post pandemic. Stronger touchpoints and venues in the post-pandemic era, such as ecommerce and social media platforms and live stream channels, can be mostly accessed through super apps and mini apps. An average buying journey today might involve multiple touchpoints—in store, online, at home, across various digital platforms such as social media, apps, websites, automated messaging, and often jumping back and forth to complete a single transaction. Consumers, on average, are purchasing through three or more channels, and joining up their journeys provides a better user-experience, as well as enhanced sales and rewards scheme opportunities 👉 Subscribe for more insights https://lnkd.in/d94JgWBU Source Deloitte #fintech #digitalwallets #payments Thomas Leda Timothy Alex Ali Carlos
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Digital wallets, have pros and cons. The obvious advantages of digital wallets or mobile wallets—seamless purchasing, virtual ticket storage, decluttering, and lightening the load of a physical wallet—are easy to understand. But what other reasons you think are behind the rapid takeoff of their adoption??
Digital wallets go beyond payments and now offer a suite of services Digital wallets are evolving into integrated platforms of applications to meet the shifting shopping preferences of consumers post-pandemic. With super apps assembling many third-party services through mini apps on their integrated platforms, consumers are not required to download separate apps from third parties on their mobile phones, as the 'instant use and instant drop' capabilities within super apps enable mini apps to appear for purchase and vanish post-purchase, providing a seamless user experience. Super apps and mini apps allow for simple user authentication, such as single sign-on and tracking of user preferences or app usage. Super apps are among the world’s most successful brands in digital wallets. Alipay and Wechat Pay, for instance, dominate the world’s largest digital wallet market in China. Digital wallet players in Southeast Asia followed suit and embraced the concept of the ‘super app’. For example, Malaysia’s Touch’N Go, initially known for its physical card used for toll payments, launched its e-wallet in 2018, enabling users to make digital payments for tolls, parking, and public transportation. Over the years, the wallet app surpassed its roots in transportation payments to become the most utilized e-wallet brand in Malaysia since 2020 Financial services is the leading application market for super apps in 2023. Financial services and payments account for more than half of the super app landscape, signifying the substantial influence they wield within this ecosystem. By incorporating a swathe of services, including mobile banking, peer-to-peer payments, insurance and investment platforms, the financial super apps have emerged as disruptors to conventional financial institutions. With built-in two-factor authentication and tokenization, digital wallets offer more secure transactions and peace of mind for consumers Super apps contribute to streamlining the shopping journey In the retail and commerce space, an omnichannel approach is becoming vital to satisfy consumer choice in the Asia Pacific region, driven by changes in consumers’ shopping journeys post pandemic. Stronger touchpoints and venues in the post-pandemic era, such as ecommerce and social media platforms and live stream channels, can be mostly accessed through super apps and mini apps. An average buying journey today might involve multiple touchpoints—in store, online, at home, across various digital platforms such as social media, apps, websites, automated messaging, and often jumping back and forth to complete a single transaction. Consumers, on average, are purchasing through three or more channels, and joining up their journeys provides a better user-experience, as well as enhanced sales and rewards scheme opportunities 👉 Subscribe for more insights https://lnkd.in/d94JgWBU Source Deloitte #fintech #digitalwallets #payments Thomas Leda Timothy Alex Ali Carlos
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Digital wallets go beyond payments and now offer a suite of services Digital wallets are evolving into integrated platforms of applications to meet the shifting shopping preferences of consumers post-pandemic. With super apps assembling many third-party services through mini apps on their integrated platforms, consumers are not required to download separate apps from third parties on their mobile phones, as the 'instant use and instant drop' capabilities within super apps enable mini apps to appear for purchase and vanish post-purchase, providing a seamless user experience. Super apps and mini apps allow for simple user authentication, such as single sign-on and tracking of user preferences or app usage. Super apps are among the world’s most successful brands in digital wallets. Alipay and Wechat Pay, for instance, dominate the world’s largest digital wallet market in China. Digital wallet players in Southeast Asia followed suit and embraced the concept of the ‘super app’. For example, Malaysia’s Touch’N Go, initially known for its physical card used for toll payments, launched its e-wallet in 2018, enabling users to make digital payments for tolls, parking, and public transportation. Over the years, the wallet app surpassed its roots in transportation payments to become the most utilized e-wallet brand in Malaysia since 2020. Financial services is the leading application market for super apps in 2023. Financial services and payments account for more than half of the super app landscape, signifying the substantial influence they wield within this ecosystem. By incorporating a swathe of services, including mobile banking, peer-to-peer payments, insurance and investment platforms, the financial super apps have emerged as disruptors to conventional financial institutions. With built-in two-factor authentication and tokenization, digital wallets offer more secure transactions and peace of mind for consumers Super apps contribute to streamlining the shopping journey In the retail and commerce space, an omnichannel approach is becoming vital to satisfy consumer choice in the Asia Pacific region, driven by changes in consumers’ shopping journeys post pandemic. Stronger touchpoints and venues in the post-pandemic era, such as ecommerce and social media platforms and live stream channels, can be mostly accessed through super apps and mini apps. An average buying journey today might involve multiple touchpoints—in store, online, at home, across various digital platforms such as social media, apps, websites, automated messaging, and often jumping back and forth to complete a single transaction. Consumers, on average, are purchasing through three or more channels, and joining up their journeys provides a better user-experience, as well as enhanced sales and rewards scheme opportunities 👉 More insights https://lnkd.in/dbf7ag4K Source Deloitte #fintech #digitalwallet
Digital wallets go beyond payments and now offer a suite of services Digital wallets are evolving into integrated platforms of applications to meet the shifting shopping preferences of consumers post-pandemic. With super apps assembling many third-party services through mini apps on their integrated platforms, consumers are not required to download separate apps from third parties on their mobile phones, as the 'instant use and instant drop' capabilities within super apps enable mini apps to appear for purchase and vanish post-purchase, providing a seamless user experience. Super apps and mini apps allow for simple user authentication, such as single sign-on and tracking of user preferences or app usage. Super apps are among the world’s most successful brands in digital wallets. Alipay and Wechat Pay, for instance, dominate the world’s largest digital wallet market in China. Digital wallet players in Southeast Asia followed suit and embraced the concept of the ‘super app’. For example, Malaysia’s Touch’N Go, initially known for its physical card used for toll payments, launched its e-wallet in 2018, enabling users to make digital payments for tolls, parking, and public transportation. Over the years, the wallet app surpassed its roots in transportation payments to become the most utilized e-wallet brand in Malaysia since 2020. Financial services is the leading application market for super apps in 2023. Financial services and payments account for more than half of the super app landscape, signifying the substantial influence they wield within this ecosystem. By incorporating a swathe of services, including mobile banking, peer-to-peer payments, insurance and investment platforms, the financial super apps have emerged as disruptors to conventional financial institutions. With built-in two-factor authentication and tokenization, digital wallets offer more secure transactions and peace of mind for consumers Super apps contribute to streamlining the shopping journey In the retail and commerce space, an omnichannel approach is becoming vital to satisfy consumer choice in the Asia Pacific region, driven by changes in consumers’ shopping journeys post pandemic. Stronger touchpoints and venues in the post-pandemic era, such as ecommerce and social media platforms and live stream channels, can be mostly accessed through super apps and mini apps. An average buying journey today might involve multiple touchpoints—in store, online, at home, across various digital platforms such as social media, apps, websites, automated messaging, and often jumping back and forth to complete a single transaction. Consumers, on average, are purchasing through three or more channels, and joining up their journeys provides a better user-experience, as well as enhanced sales and rewards scheme opportunities 👉 More insights https://lnkd.in/dbf7ag4K Source Deloitte #fintech #digitalwallet Prasanna Marcel Richard Panagiotis Tony Efi Nicolas Arjun Dr Ritesh
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Senior SAP Finance Control Consultant bei ISAP Solutions FZE. Blockchain | Wallet | NFT | DeFi | Metaverse |
Digital wallets go beyond payments and now offer a suite of services Digital wallets are evolving into integrated platforms of applications to meet the shifting shopping preferences of consumers post-pandemic. With super apps assembling many third-party services through mini apps on their integrated platforms, consumers are not required to download separate apps from third parties on their mobile phones, as the 'instant use and instant drop' capabilities within super apps enable mini apps to appear for purchase and vanish post-purchase, providing a seamless user experience. Super apps and mini apps allow for simple user authentication, such as single sign-on and tracking of user preferences or app usage. Super apps are among the world’s most successful brands in digital wallets. Alipay and Wechat Pay, for instance, dominate the world’s largest digital wallet market in China. Digital wallet players in Southeast Asia followed suit and embraced the concept of the ‘super app’. For example, Malaysia’s Touch’N Go, initially known for its physical card used for toll payments, launched its e-wallet in 2018, enabling users to make digital payments for tolls, parking, and public transportation. Over the years, the wallet app surpassed its roots in transportation payments to become the most utilized e-wallet brand in Malaysia since 2020. Financial services is the leading application market for super apps in 2023. Financial services and payments account for more than half of the super app landscape, signifying the substantial influence they wield within this ecosystem. By incorporating a swathe of services, including mobile banking, peer-to-peer payments, insurance and investment platforms, the financial super apps have emerged as disruptors to conventional financial institutions. With built-in two-factor authentication and tokenization, digital wallets offer more secure transactions and peace of mind for consumers Super apps contribute to streamlining the shopping journey In the retail and commerce space, an omnichannel approach is becoming vital to satisfy consumer choice in the Asia Pacific region, driven by changes in consumers’ shopping journeys post pandemic. Stronger touchpoints and venues in the post-pandemic era, such as ecommerce and social media platforms and live stream channels, can be mostly accessed through super apps and mini apps. An average buying journey today might involve multiple touchpoints—in store, online, at home, across various digital platforms such as social media, apps, websites, automated messaging, and often jumping back and forth to complete a single transaction. Consumers, on average, are purchasing through three or more channels, and joining up their journeys provides a better user-experience, as well as enhanced sales and rewards scheme opportunities 👉 More insights https://lnkd.in/dbf7ag4K Source Deloitte #fintech #digitalwallet
Digital wallets go beyond payments and now offer a suite of services Digital wallets are evolving into integrated platforms of applications to meet the shifting shopping preferences of consumers post-pandemic. With super apps assembling many third-party services through mini apps on their integrated platforms, consumers are not required to download separate apps from third parties on their mobile phones, as the 'instant use and instant drop' capabilities within super apps enable mini apps to appear for purchase and vanish post-purchase, providing a seamless user experience. Super apps and mini apps allow for simple user authentication, such as single sign-on and tracking of user preferences or app usage. Super apps are among the world’s most successful brands in digital wallets. Alipay and Wechat Pay, for instance, dominate the world’s largest digital wallet market in China. Digital wallet players in Southeast Asia followed suit and embraced the concept of the ‘super app’. For example, Malaysia’s Touch’N Go, initially known for its physical card used for toll payments, launched its e-wallet in 2018, enabling users to make digital payments for tolls, parking, and public transportation. Over the years, the wallet app surpassed its roots in transportation payments to become the most utilized e-wallet brand in Malaysia since 2020. Financial services is the leading application market for super apps in 2023. Financial services and payments account for more than half of the super app landscape, signifying the substantial influence they wield within this ecosystem. By incorporating a swathe of services, including mobile banking, peer-to-peer payments, insurance and investment platforms, the financial super apps have emerged as disruptors to conventional financial institutions. With built-in two-factor authentication and tokenization, digital wallets offer more secure transactions and peace of mind for consumers Super apps contribute to streamlining the shopping journey In the retail and commerce space, an omnichannel approach is becoming vital to satisfy consumer choice in the Asia Pacific region, driven by changes in consumers’ shopping journeys post pandemic. Stronger touchpoints and venues in the post-pandemic era, such as ecommerce and social media platforms and live stream channels, can be mostly accessed through super apps and mini apps. An average buying journey today might involve multiple touchpoints—in store, online, at home, across various digital platforms such as social media, apps, websites, automated messaging, and often jumping back and forth to complete a single transaction. Consumers, on average, are purchasing through three or more channels, and joining up their journeys provides a better user-experience, as well as enhanced sales and rewards scheme opportunities 👉 More insights https://lnkd.in/dbf7ag4K Source Deloitte #fintech #digitalwallet Prasanna Marcel Richard Panagiotis Tony Efi Nicolas Arjun Dr Ritesh
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The Rise of Contactless Payments Among 85-95 Year-Olds: Key Trends 📲💳 Barclays latest report reveals record-breaking numbers for contactless payments in 2023, solidifying its position as the favourite payment method in the UK. With usage increasing across all age groups, especially among the over 65s, it's evident that the convenience and speed of 'touch and pay' are winning over hearts. 🔍Key Highlights: ➡ 93.4% of in-store card transactions up to £100 were contactless. ➡ Average users made 231 transactions, spending £3,623 in total. ➡'Touch and go' transactions surged by 7.8% compared to 2022. Silver Spenders Embrace Convenience: ➡85–95-year-olds saw a significant increase in contactless usage, with 80.1% now active users. ➡Over-65s remain the fastest-growing segment for contactless, up by 4.1% year-on-year. Younger Generations Lead Mobile Wallet Adoption: ➡22% of 18-34-year-olds leave their wallets behind in favor of smartphone payments. ➡25% of this demographic prefer mobile payments over physical cards. Shift in Dining Preferences: ➡Restaurant-goers opt for contactless payments, with a 2.9% decrease in spending, showcasing the preference for convenience. ➡15% of 18-34-year-olds prefer ordering and paying via QR code, streamlining the dining experience. Predictions for 2024: ➡Expect a surge in mobile wallet payments as businesses integrate this technology. ➡QR code payments at restaurants gain traction, enhancing customer satisfaction and operational efficiency. Read the full article for more details: https://lnkd.in/e5NddPdq #contactlesspayments #mobilewallets #futureofpayments #retail
Contactless Payments Increasingly Common With 85-95 Year-Olds
insightdiy.co.uk
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Indian merchants are rapidly embracing digital payments, with 69% of transactions now conducted through digital modes, according to a recent report by Amazon Pay and Kearney India[1][2]. The "How Urban India Pays" study surveyed 6,000 consumers and 1,000 merchants across 120 cities, providing valuable insights into the evolving digital payment landscape. Key findings include: - Street vendors, including fruit, flower, and food stalls, process 46% of transactions digitally[1] - Larger online and offline merchants see 60% of transactions through digital payments[1] - 63% of merchants accept digital payments for transactions under INR 1,000 to prevent customers from going to competitors[1] - UPI is the most preferred payment method, used by 53% of consumers, followed by digital wallets and cards (30%)[1] - 90% of surveyed consumers prefer digital payments for online purchases, while only 50% favor them for offline transactions[1] The report also highlights regional and demographic trends, with millennials and Southern India leading in digital payment adoption[1]. Small transactions and online purchases are predominantly conducted via UPI and digital wallets, while credit cards are preferred for high-value offline and online purchases[1]. Despite the rapid growth, challenges remain, including financial fraud, limited connectivity, and trust issues[1]. However, the report suggests that digital payments will continue to thrive, with retail digital payments expected to double to $7 trillion by 2030[2]. As the digital payment ecosystem expands, merchants and consumers alike are embracing the convenience, efficiency, and rewards offered by these innovative solutions. The "How Urban India Pays" report serves as a valuable resource for understanding the evolving digital payment landscape and its impact on the Indian economy. Sources [1] 9 in 10 urban Indians prefer digital payments for online purchases, 50 ... https://lnkd.in/dgRYhgA2 [2] India to see retail digital payments to double to $7 tn by 2030: Report https://lnkd.in/duGHQv-d [3] [PDF] 2024 - How Urban India Pays - Kearney https://lnkd.in/dgeayB3S [4] How Urban India Pays | Kearney https://lnkd.in/dhzGSw5R [5] India to see retail digital payments to double to USD 7 tn by 2030: Report https://lnkd.in/dihemKCG
9 in 10 urban Indians prefer digital payments for online purchases, 50% favour cashless for offline orders too
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