Our 2016 North America Consumer Digital Payments Survey of 4,000 consumers in the US and Canada show consumers are still relying largely on traditional payments methods despite the availability of reliable digital payments providers. Why?
Consumers want more value.
Our research identified three major trends.
The march to the mainstream is on56% of consumers are now aware they can use their smartphone to pay with signs of increased use of digital payments by 2020.
Who will win the day?73% of consumers trust traditional card providers most for digital payments but those that deliver value beyond the transaction will lead the market.
The trailblazers are unstoppable52% of Millennials and mass affluents consider themselves to be among the first to try new technologies revealing a generation and income gap in adoption.
The Four Money Mindsets
Using a framework developed by Fjord™, Accenture identified four distinct consumer behaviors around how people engage with their money. The data from the 4,000 consumers who participated in the 2016 North America Consumer Digital Payments Survey was used to identify the Money Mindsets that survey respondents demonstrated most often.
Market makers in digital payments will set themselves apart not by mastering the transaction, but by mastering value delivery.
Understand and act on what makes customers tick.
Prepare for the future before it happens.
Never make investments in a vacuum.
Act fast now and constantly course-correct.
2016 North America consumer digital banking survey: Banking on value
Fjord money mindsets segmentation
Fintech and the evolving landscape: Landing points for the financial services industry