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Accenture 2014 North America consumer payments survey

My pay. My way. How consumer choice will shape the future of payments.


Accenture surveyed 4,000 consumers in North America to understand their attitudes about payments and how they anticipate making payments by 2020.

Results of the survey indicate that consumers are driving change in the sector, and payments providers have to adapt accordingly. In choosing the method, provider and experience they prefer, empowered consumers have more ways to pay than ever before—from traditional instruments such as cash, credit and check to emerging ones like digital currencies and mobile payments.

The survey also found that Millennials and high-income respondents will be the first to adopt “the next big thing” and will potentially be willing to pay for it. Bridging the gap between awareness and use of emerging payment instruments will mean influencing consumer choice to capture mindshare in a dynamic, disrupted and digital market.

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The digital revolution is transforming commerce, including the payments industry. From digital currencies to mobile payments, the ways to pay are evolving quickly. The payments ecosystem is expanding as lines blur between traditional and emerging players. Financial institutions, processors, technology companies and merchants are making significant investments for the future.


Five findings emerged from the survey and point to significant changes in the industry:

  1. Consumers expect to use traditional payment instruments slightly less and emerging payment instruments more.

  2. Digital currency is a practical reality for consumers today—and usage will only increase by the end of the decade.

  3. Consumers’ use of mobile payments has increased significantly in just two years.

  4. Consumers prefer today to use network card providers as mobile payments providers.

  5. Consumers who use mobile payments can be influenced to use them more—but challenges remain for adoption among non-users.

Five things you need to know about the future of payments, download the infographic and scan the findings.


Click here to download the full article. What is the future of payments? This opens a new window. Learn m​ore about the findings and the future of payments in the infographic [PDF, 757KB]


Network card providers and other payment industry players that choose to develop mobile payments solutions should focus on several key areas to influence consumer adoption:

Incentives: Give People a Good Reason to Change
The right incentives go a long way in offering consumers the kind of highly personalized customer experiences that they have come to expect in the digital age.

Security and Privacy: Break Down the Biggest Barrier
Assuaging consumers’ worries about privacy and security must be a non-negotiable priority for any payments player looking for opportunities in the mobile payments space.

Millennials: Innovate to Serve the Digital Pioneers
Millennials will have a critical role in driving mobile payments—and payments players cannot afford to ignore these mobile payments first movers.

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