PYMNTS DATA AND ANALYTICS
Our data and analytics team has developed a number of creative methodologies and frameworks that measure and benchmark the innovation that’s reshaping the payments and commerce ecosystem.
AI Innovation Playbook
INSIDE THE APRIL EDITION
- 81.8 percent: Share of FIs with assets exceeding $100 billion interested in smart agents to combat fraud
- 45.0 percent: Share of decision-makers working in fraud detection who are interested in smart agent
- 41.1 percent: Share of commercial banks that are very or extremely interested in adopting smart agents
B2B PAYMENTS TIPPING POINT
INSIDE THE SEPTEMBER Study
- 34 percent of companies say their use of ePayables will increase in the next three years.
- More than 35 percent of companies earning more than $1 billion per year have already adopted accounts payable automation.
- 61 percent of businesses say that Real-Time Payments would improve their payroll operations.
Inside this NOVEMBER Study
Q2 2018 CCI FINDINGS
- 82.2: Average CCI score of the Top 30 merchants we studied
- 47.7: Average CCI score of all the merchants we surveyed
- 145.4 seconds: Average time it takes to check out on an eCommerce site
Inside the Playbook
- Netflix added 6.4 million subscribers in 2018 and now has more than 137 million global customers
- Eighty percent of consumers’ interactions will be handled by AI in 2023
- A deep dive on digital services and their impact
INSIDE THE PLAYBOOK
- Millennials make an average of 19.3 purchases every year
- 25 percent of the Bridge Millennials that buy online prefer Amazon
- 50 percent of consumers preferred omnichannel shopping experiences
Credit Union Innovation
About the Playbook
- 81.3 percent of credit union members cited trust as a reason for selecting an FI, while 80.6 percent of them cited it as a reason to remain with their CUs
- 42.4 percent of CU members want their FIs to focus on anti-fraud solutions, and 33.0 percent cited data security as their top innovation priority for the next three years
- 64.3 percent of FinTechs expressed interest in bypassing CUs to sell directly to members
INSIDE THE FEBRUARY REPORT
- More than 50 percent of consumers now shop contextually
- Approximately 1 billion devices now support Google Assistant
- Tyler Cooper, CEO of TheTake.AI, talks about what’s slowing contextual commerce’s growth and how AI can speed it up
Notable data points included in the Digital Drive Report:
- Most commuters (53.3 percent) are turning to voice assistants to connect while driving
- 47.2 percent of commuters used connected devices while driving said they were most interested in finding a gas station
- On average, commuters ordered coffee for pickup at a drive-thru window 65 times per year
- 36.6 percent of commuters who use voice assistants connect to the internet using their mobile devices
DIGITAL IDENTITY LIFESTYLE CAPSULE
Notable findings in the Capsule
- 34%: Portion of financial services consumers who pointed to an inconvenient authentication method as the reason for their dissatisfaction
- 71.2%: Share of both financial services and eCommerce customers who expressed satisfaction with being required to provide passwords and codes for authentication
- 100%: All surveyed healthcare consumers expressed satisfaction with providing identification documents at physical locations
- 91.1%: Share of eCommerce consumers who were required to provide email addresses when creating online accounts
Inside the March Study
- 46.7 percent of customers want to receive their funds by direct deposit into their bank accounts
- 72.9 percent of customers think that it’s “extremely” or “very” important for them to have a choice in how they receive disbursements
- 15.3 million customers received disbursements via gift cards, and none of them chose that method
ENTERPRISE RETAIL GROCERY
Inside the OCTOBER Study
- Grocery or food at home products make up 20 percent of all consumer retail spending
- Cost, convenience and choice of product are the three most important factors for consumers when choosing a grocery retailer
- The average customer spends more than $4,000 a year on food and makes over 40 visits to grocery stores each year
Financial Invisibles Report
KEY FINDINGS FROM THE REPORT INCLUDE:
- 67.6 percent: Share of consumers who were able to pay all their bills on time in Q3 2018
- $60.4K: Average annual income of consumers who got a loan from their family or friends to pay off debt in Q3 2018
- 20.8 percent: Share of consumers who were either “very” or “extremely” interested in financial education in Q3 2018
Notable findings in the Q4 edition include the following:
- 38.4 percent: Share of non-seasonal gig workers
- 38.2 percent: Share of gig workers were paid via direct deposit
- 19.4 percent: Share of gig workers were not employed outside the gig economy
KEY FINDINGS INCLUDE:
- Cash share accounted for 60 percent of South Africa’s GDP, as well as 37.5 percent of Saudi Arabia’s GDP.
- Overall, the Middle East’s GDP is expected to grow 12 percent between 2016 and 2021.
- Middle Eastern consumers made $0.9 trillion in cash payments in 2016. This is expected to rise to $1.4 trillion by 2021.
- In South Africa, 75 percent of adults now possess bank accounts, compared to just 60 percent of adults in Turkey.
KEY FINDINGS INCLUDE:
- 45 percent: Increase in account takeovers in Q2 2017
- $3.3 billion: Amount lost by merchants to account takeovers in Q2 2017
- $57.8 billion: Value of potential fraud in the eight industries studied by the Index
- 5.5 percent: Increase in total fraud from Q2 2016 to Q2 2017
- 11.64 percent: Fraud rate of transactions over $500, 22 times higher than the fraud rate for transactions worth less than $100
Global Payments Innovation
Global Payments Innovation Study
- $10 billion: Value saved in digitized deposits via the Aadhaar payment app in the last three years
- $600 million: Amount Alibaba invested in AI company SenseTime
- 34: Number of countries participating in the SCT Inst scheme
SOME NOTABLE FINDINGS OUTLINED IN THE REPORT:
- 90.7 percent of patients said they can pay off their payment plan in full, either early or by following the plan schedule
- 89.8 percent of respondents said they would be willing to consider using a payment plan in the future, doubling the current rate of usage
- Patients who did not pay their debt and had no plans to do so faced the highest out-of-pocket average of $758
- 70 percent of patients factor in the prospect of fees when considering using a payment plan
HOW WE WILL PAY
This is how consumers are using these devices today, and how they want to use them even more in the future.
- In collaboration with Visa, PYMNTS asked 2,800 U.S. consumers about the devices they own and how they use them to buy things. We also asked those consumers about the purchases they made in the past seven days, the devices they used to make those purchases and why they made a purchase with that device in that way.
- We studied the usage of connected devices such as smartphones, desktops, laptops, tablets, smart televisons, voice-activated assistants and cars with connected dashboards, among others.
- This is the second year of this study, so we were eager to observe how those consumer trends have evolved since last year’s study.
INSIDE THE 2019 EDITION
- 35.3: Average index score among FIs in 2018
- 45.5 percent: Share of FIs that rolled out innovations after observing market trends
- 25.4 percent: Portion of FIs that said budgetary restrictions hindered innovations
Kiosk and Retail
INSIDE THE MAY Study
- More than $1 billion worth of kiosks were ordered in 2015
- 1,000 new food and beverage kiosks were installed in 2016
- Food and Beverage kiosks produced $218 million in 2016
Mobile Card Services
Insights from the Card On File Edition include:
- 79.7%: Share of consumers who keep cards on file for added convenience
- 37.0%: Share of consumers who are very or extremely interested in CoF security solutions
- 44.0%: Share of consumers that has cards on file with three to five merchants
Omni Security and Authentication
Inside this NOVEMBER Study
- Shamoun Siddiqui, vice president and chief information security officer at Neiman Marcus, on the challenges and benefits of using AI and ML to curb cybercrime
- A Deep Dive exploring how retailers are using 3D Secure 2.0 and other tools to safeguard consumers from retail fraud
- Notable headlines from around the space, including news on recent security breaches and the latest security debuts
INSIDE THE MAY Study
- 61 percent of large-format store shoppers and 54 percent of those at small-format stores said they shopped at brick-and-mortar locations about as often as they had in past years.
- Brick & Mortar Consumers were the most satisfied, giving merchants an average omnichannel satisfaction score of 37.2 out of 100,. By comparison, Any-Channel Consumers gave a score of 36.2 out of 100 and Digital Consumers awarded merchants just 35.8 out of 100.
- Purchase history capabilities were some of the most popular among shoppers who had tried various features, as 16.7 percent of those buying medications, 15 percent of those purchasing beauty services and 8.2 percent of those buying beauty products said the features were “Very Good” or “Excellent.”
PAYING AT THE PUMP
Inside the NOVEMBER Study
- 68 percent of adults who pay for gas with mobile apps buy it as often as once per week
- 73 percent of users who pay for gas with mobile apps said they are more likely to visit the store again if the app experience is convenient
- More than half (57 percent) of consumers who pay for gas using mobile apps say they would do so more often if the apps could also pay for c-store products
- 85 percent of Bridge Millennials say that receiving discounts is the most important feature of a gas app
Payments and the Platform Economy
Inside The Playbook
- An interview with Ryan Foutty, senior director, business development for rental scooter company Lime, on how consumer trust and localized payments are essential for the company to compete
- Notable headlines from around the space, including how platforms like RV rental marketplace Outdoorsy are building trust
- A case study on how carsharing platform Getaround works to offer its users peace of mind with its insurance policy that protects rentals
Remote Payments Study
Inside this December Study
- 38.5 percent of shoppers were satisfied with using mobile payments
- 24.3 percent of consumers who spent more than $500 on their most recent purchase paid via smartphone
- 37.1 percent of consumers who typically pay via smartphone use embedded debit card payments
Inside this December Study
- 65% of QSR managers believe using apps to place orders delivers a positive customer experience
- 92% of customers consider using an app to place a QSR order offers a positive experience
- 3% of QSR managers say self-service kiosks are the most common way consumers place orders
RETAIL INNOVATION READINESS
Inside the March study
- 23.6 percent of accommodation and food merchants want smart POS systems that track analytics and data
- 44.8 percent of accommodation and food merchants want smart POS systems that accept cash payments
- 55.8 percent of accommodation and food merchants want smart POS systems that accept cashless payments
Subscription Commerce Conversion
Indie this January Study
- 63.5: Average SCCI score in Q4 2018
- 5.3: Average number of payments accepted on a subscription platform in Q4 2018
- 146 seconds: Average time it took to complete a subscription in Q4 2018
INSIDE THE JULY STUDY
- Four out of 10 travel operators struggle to manage multiple payment service providers.
- 82 percent of travel companies innovate to combat the loss of customers.
- 36 percent of travel companies expect innovations to decrease costs.
- The global travel industry pays $75B on its payments structure every year.
VIRTUAL REALITY IN RETAIL
Inside this January Study
- VR is expected to generate $1.8 billion for retail and marketing in the year 2022
- The number of VR users more than doubled in 2018, growing from 85 million to 171 million
- Revenues from VR initiatives are expected to increase by 3,000 percent over the next four years
Where Will We Bank Next?
Notable findings from our study include:
- 57.5%: Share of consumers who would be interested in banking with non-FIs
- 37.8%: Share of Bridge Millennials who would consider banking with PayPal
- 90.6%: Share of consumers who say their primary FIs fit their needs
X-BORDER PAYMENTS OPTIMIZATION
INSIDE THE NOVEMBER Study
- The United States kept its top spot in the Index, coming in as the most cross-border friendly country PYMNTS studied with an Index score of 65.9 out of 100. China rose from fourth to second place with a core of 63.9 out of 100, followed by the U.K. in third 63.2 out of 100.
- The Travel industry received the highest Index score with a 64.8 out of 100, followed by the Apparel and Accessories industry (63.0 out of 100) and the Housewares and Home Furnishing industry (59.4 out of 100).
- Visa is the most commonly accepted payment type, accepted by 94.5% of merchants, followed by Mastercard, accepted by 94 percent – and PayPal, accepted by 79.8 percent.