Business Wire

Experian Finds Mobile Wallets Rival Traditional Payment Methods

Share

The new Experian Global Insights Report concludes that digital online spending will continue to gain strength even as consumers emerge from lockdown and return to in-person transactions. Consumers are also engaging with digital payments as much as they engage with email. The growth curve of online spending has increased the use of mobile wallets that now rival traditional payment methods. The latest report shows that 62 percent of respondents say they are currently using mobile wallets, while 63 percent use traditional forms of payment.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220421005354/en/

To view this piece of content from mms.businesswire.com, please give your consent at the top of this page.

The new Experian Global Insights Report concludes that digital online spending will continue to gain strength even as consumers emerge from lockdown and return to in-person transactions. (Graphic: Business Wire)

Consumers stated that they want fast, frictionless, and secure transactions, with 81 percent saying that a positive digital experience makes them think more highly of the brand versus a traditional brick and mortar experience. This trend is also favorable for businesses. It shows that 53 percent of consumers surveyed have increased their spending and transactions on digital channels in the past three months, with 50 percent of respondents saying it will likely increase over the next three months.

David Bernard, Experian’s EVP of Strategy and Operations for Global Decision Analytics, speaks on the trends shown in the report relating to the pandemic. “Results from our latest survey reveal that many consumers are more concerned now about the security of their online transactions and activities than they were a year ago, with regional differences in the nature of their primary concerns,” said Bernard. “The past two years have given way to a digitally savvy consumer, who have a growing awareness and understanding of advanced, frictionless security methods. Consumers seek to make their work and lives easier and safer.”

The report also clarifies that consumers have a preference when establishing new accounts, with banking websites, retail, and credit card company mobile apps leading the way. Digital savvy consumers place the most trust with payment service providers, credit card companies, technology, and streaming media companies.

One additional business benefit with the rise and reach of new payment methods like mobile wallets, Peer-to-Peer (P2P), and Buy Now Pay Later (BNPL) is that businesses are also able to find options for better financial inclusion. In the U.S. and U.K., 60 percent say they are doing just that with programs like BNPL. In the U.S., 4 in 5 consumers use BNPL to avoid credit card debt, whereas 7 in 10 U.K. consumers said the same. Furthermore, 57 percent of respondents say that BNPL could replace their traditional payment method.

Companies still have room to improve meeting customers’ expectations of the digital experience. 23 percent of consumers surveyed say their expectations for the digital experience have only somewhat or not at all been met. This percentage is down from 30 percent in Q4 2021. Only 23 percent of consumers feel very confident that the businesses will address their online security concerns. The tide has also changed as 73 percent of consumers put the onus on companies to protect them online.

Consumers surveyed are also more aware of the value of their data. 90 percent of customers want complete or some control of how their data is used, with 57 percent being willing to share data if it ensures greater security or prevents fraud. There are regional differences for security concern. For instance, identity theft and stolen credit card information far outpace other worries in the U.S, while data privacy is a top concern in China. More than 50 percent of respondents are worried about deep fake fraud in Malaysia and Peru.

Additional findings from the report include:

  • 52 percent are concerned about their online transaction security.
  • 42 percent are more concerned about their online security in the past 12 months
  • 63 percent of consumers say they’ll share their personal data for value, up from 51 percent from 2021

To develop the study, Experian surveyed 6,000 consumers and 2,000 businesses across 20 countries, including Australia, Brazil, Chile, China, Columbia, Denmark, Germany, India, Indonesia, Ireland, Italy, Malaysia, Netherlands, Norway, Peru, Singapore, South Africa, Spain, United Kingdom and United States, on insights related to consumer and business economic outlooks, financial well-being, online behavior and more. This report is the latest study in a series exploring the significant shifts in consumer digital preferences and business strategy over the past seven years.

Download the latest Global Insights Report to learn about more findings from Experian Decision Analytics.

About Experian

Experian is the world’s leading global information services company. During life’s big moments – from buying a home or a car, to sending a child to college, to growing a business by connecting with new customers – we empower consumers and our clients to manage their data with confidence. We help individuals to take financial control and access financial services, businesses to make smarter decisions and thrive, lenders to lend more responsibly, and organizations to prevent identity fraud and crime.

We have 20,000 people operating across 44 countries and every day we’re investing in new technologies, talented people, and innovation to help all our clients maximize every opportunity. We are listed on the London Stock Exchange (EXPN) and are a constituent of the FTSE 100 Index.

Learn more at www.experianplc.com or visit our global content hub at our global news blog for the latest news and insights from the Group.

Experian and the Experian marks used herein are trademarks or registered trademarks of Experian and its affiliates. Other product and company names mentioned herein are the property of their respective owners.

To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.

Contact information

Steven Weiss
Rubenstein Public Relations
1 212 805 3062
sweiss@rubensteinpr.com

Scott Anderson
Experian Public Relations
1 714 830 3185
scott.n.anderson@experian.com

About Business Wire

Business Wire
Business Wire



Subscribe to releases from Business Wire

Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from Business Wire

Align Technology Introduces Invisalign Outcome Simulator Pro, Next Generation Patient Communication Tool Featuring In-Face Visualization of a Patient’s Potential Future Smile in Minutes19.5.2022 22:41:00 CEST | Press release

Align Technology, Inc. (“Align”) (Nasdaq: ALGN), a leading global medical device company that designs, manufactures, and sells the Invisalign system of clear aligners, iTero intraoral scanners, and exocad CAD/CAM software for digital orthodontics and restorative dentistry, today introduced Invisalign Outcome Simulator Pro, the next generation of its advanced patient communication tool. This enables doctors to show patients their potential new smile after Invisalign treatment, using in-face visualization and/or 3D dentition view, all done chairside in minutes. Invisalign Outcome Simulator Pro is available on iTero Element Plus Series scanners and imaging systems. Invisalign Outcome Simulator Pro expands Align’s existing Invisalign Outcome Simulator technology and adds the benefits of the Company’s ClinCheck “In-Face” Visualization tool that combines a photo of a patient’s face with their 3D treatment simulation, creating a truly personalized view of how their new smile could look. This

New Conviva Data Shows Double Digit Streaming Growth Worldwide; Smart TVs Growing Rapidly as Streaming Moves to Overtake Linear on the Big Screen19.5.2022 21:01:00 CEST | Press release

Global streaming grew 10% globally, including continued growth in mature markets like North America (5%) and Europe (9%), during the first quarter of 2022 as compared to Q1 2021, according to the latest State of Streaming report from Conviva, the continuous measurement analytics platform for streaming media. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220519005871/en/ Conviva's Q1 2022 State of Streaming Report Available Now! (Photo: Business Wire) “Despite recent news of Netflix’s subscriber contraction, streaming continues to grow worldwide, encompassing an ever-growing stable of platforms offering unique and original content,” said Keith Zubchevich, President and CEO, Conviva. “In mature markets like the US and Europe, viewers are upscreening from small devices to Smart TVs, setting the foundation for streaming to overtake linear TV on the big screen.” Conviva’s Q1 2022 report found big screens (which includes connecte

xFusion Held the European Partner Summit Under the Theme of "Together for a Better Future"19.5.2022 19:00:00 CEST | Press release

On May 19, xFusion held its first 2022 European Partner Summit in Paris, under the theme of "Together for a Better Future." xFusion Digital Technologies Co., Ltd. invited dozens of core partners from more than 10 countries, including France, Germany, Switzerland, Sweden, Poland, Hungary, and countries in the Nordic region to discuss the future and new value exploitation of the industry. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220519005813/en/ (Photo: Business Wire) Terry Fang, President of xFusion Global Marketing and Sales Department, gave a welcome speech on behalf of xFusion. Intel and other partners then shared the latest concepts and practices within the European digital economy, focusing on topics such as industrial digitization and intelligentization, while offering suggestions for the development of industrial digital intelligence. Cooperation with Partners for a New European Digital Ecosystem Europe is transi

RMS Expands Global Risk Views Coverage19.5.2022 16:30:00 CEST | Press release

RMS®, a Moody’s Analytics company and world-leading risk modeling and solutions company, announces it will be launching new global views for acute and chronic perils and their climate change impact. RMS already offers a range of regional peril and climate change models, which support detailed acute physical loss modeling products, as well as data products covering hazard and risk scores, and loss costs for individual locations, across multiple time horizons. RMS climate change models and data products have been welcomed by the market, and allow users to stress test portfolio management, risk mitigation, and adaption strategies. The newly announced global views significantly extend RMS’s peril and climate change impact coverage to provide fully correlated global views of risk, and include event frequency and severity, and analysis for current baseline and future climate views. With these new global views, RMS not only delivers a view of risk for acute peril-specific risks, but also chro

Envision the Future and Take on the Power of Computing with GIGABYTE at COMPUTEX 202219.5.2022 16:29:00 CEST | Press release

GIGABYTE, a world leader in computer technology, will be presenting “Power of Computing” as its theme of the year, and exhibiting its leading products and solutions designed for various industries and fields in the upcoming COMPUTEX Taipei. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220519005640/en/ Envision the Future and Take on the Power of Computing with GIGABYTE at COMPUTEX 2022 GIGABYTE has curated its presentation around the theme “Power of Computing” to demonstrate that, everything from the cloud to the edge, from team collaboration to individual creation, from business applications to personal use, computing done by servers in data centers to process massive data and embedded systems in IoT and personal computers to render real-time information is the key behind groundbreaking innovations that appear in the fields of AI, cloud deployment, smart technologies, and digital content creation, etc. Data Center is an i

In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.

Visit our pressroom