Digital wallets are becoming popular among consumers in the United Kingdom. In fact, nearly half (44%) of consumers in the country expect to continue using these wallets to carry out financial transactions in the next three years.
\nBut these tools have the potential to allow consumers to do so much more than just make payments. Significant shares of the U.K.\u2019s Generation Z and millennial consumers are using them to store credentials like ID cards or event tickets. PYMNTS Intelligence data shows, for example, that 71% of U.K. users are highly satisfied with their experience of using digital wallets beyond shopping. Some other use cases for the technology include for boarding passes, scanning rewards cards and storing hotel keys.
\nThese are just some of the findings detailed in \u201cDigital Wallets Beyond Financial Transactions: U.K. Edition,\u201d a PYMNTS Intelligence and Google Wallet collaboration. This report examines consumer perceptions and use of these wallets in the last year and into the future in the U.K. market. It draws on insights from a survey of 2,362 consumers conducted from Jan. 11 to Feb. 5.
\nThese wallets have the potential to replace physical wallets for storing payment methods, identification cards, transit passes and event tickets. Download the report today to learn what consumers in the U.K. are saying about the future of digital wallets.
\nThe post New Data: Gen Z Leads the Way as Digital Wallets Surge in the UK appeared first on PYMNTS.com.
\n", "content_text": "Download the Report\n \n Digital Wallets Beyond Financial Transactions: U.K. Edition\n \n \n \n \n \n \n [contact-form-7]\n \n \n \n \n \n\nDigital wallets are becoming popular among consumers in the United Kingdom. In fact, nearly half (44%) of consumers in the country expect to continue using these wallets to carry out financial transactions in the next three years.\nBut these tools have the potential to allow consumers to do so much more than just make payments. Significant shares of the U.K.\u2019s Generation Z and millennial consumers are using them to store credentials like ID cards or event tickets. PYMNTS Intelligence data shows, for example, that 71% of U.K. users are highly satisfied with their experience of using digital wallets beyond shopping. Some other use cases for the technology include for boarding passes, scanning rewards cards and storing hotel keys.\nThese are just some of the findings detailed in \u201cDigital Wallets Beyond Financial Transactions: U.K. Edition,\u201d a PYMNTS Intelligence and Google Wallet collaboration. This report examines consumer perceptions and use of these wallets in the last year and into the future in the U.K. market. It draws on insights from a survey of 2,362 consumers conducted from Jan. 11 to Feb. 5.\nInside \u201cDigital Wallets Beyond Financial Transactions: U.K. Edition\u201d:\n\nHow Gen Z and millennial consumers in the U.K. lead the way in using these wallets for uses other than transactions\nHow many consumers in the U.K. are using digital wallets to store non-payment credentials\nThe rise of using these wallets for peer-to-peer transactions and bill splitting\nUse cases for digital wallets in the U.K. for travel and events\nWhy storing identity verification credentials appeals to consumers in the U.K., particularly those from Gen Z\n\nThese wallets have the potential to replace physical wallets for storing payment methods, identification cards, transit passes and event tickets. Download the report today to learn what consumers in the U.K. are saying about the future of digital wallets.\nThe post New Data: Gen Z Leads the Way as Digital Wallets Surge in the UK appeared first on PYMNTS.com.", "date_published": "2024-07-24T04:03:41-04:00", "date_modified": "2024-07-23T21:21:33-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/07/digital-wallets-united-kingdom.jpg", "tags": [ "consumer finance", "consumer payments", "digital credentials", "Digital Payments", "digital wallets", "Featured News", "Google Wallet", "News", "PYMNTS Intelligence", "PYMNTS News", "PYMNTS Study", "The United Kingdom" ] }, { "id": "https://www.pymnts.com/?p=2015717", "url": "https://www.pymnts.com/digital-payments/2024/fednows-first-year-path-to-critical-mass-requires-time-and-education/", "title": "FedNow\u2019s First Year: Path to Critical Mass Requires Time and Education", "content_html": "A year after its launch, the FedNow\u00ae Service,\u00a0the instant payment service introduced by the U.S. central bank last July 20, has seen 900 banks sign up and connect to the new rails. Seth Perlman, global head of product for i2c, told PYMNTS that the sign-ups bode well for faster payments \u2014 but getting to 7,000 banks and critical mass will take time and education.
\n\u201cIt\u2019ll take a long time to get institutions that adoption curve,\u201d and for the banks connecting to FedNow to number in the thousands.\u00a0
\nNonetheless, he said, \u201cthis is incredible traction, for a brand new payment network to get to that level of adoption in the span of a year.\u201d
\nThere\u2019s some knowledge and insight to glean from the emergence of faster payments across the globe, particularly in Europe, and what consumers and businesses demand.
\nAnd what they\u2019re demanding, Perlman said, \u201cis that payments be instant, just like every other aspect of our lives.\u201d\u00a0 The sentiment echoes statements made by Mark Gould, chief payments executive for Federal Reserve Financial Services, who said, \u201cthe strong growth we\u2019re seeing shows how financial institutions are stepping forward to meet this change in customer expectation.\u201d
\nGould\u2019s insight, said Perlman, is \u201cspot on,\u201d where \u201ceveryone knows that payments are just one the latest things that are going to become real time.\u00a0 Seeing the smaller institutions jump on board,\u201d he added, \u201cis an accurate reflection of that statement.\u201d
\nThough education is still needed to illuminate new use cases and benefits of instant payments \u2014 as Perlman said, \u201cI\u2019m not sure that everyone is fully up to speed on what FedNow brings to the market.\u201d Perlman noted that the gap is narrowing.
\nThe larger banks are already participating with FedNow, and as Perlman noted, the central bank has been focusing on recruiting community banks and credit unions (a significant client roster for i2c).\u00a0 Reaching the \u201clong tail\u201d of FIs among smaller entities will require processors and providers to be certified with FedNow, and i2c stands in the middle of the equation, connecting the banks to those integrators and supporters of instant payment services.
\nIn terms of easing that connectivity and integration with the new rails, Perlman said, i2c has begun the implementation process to become a certified service provider and anticipates completing the development and testing activities with the Fed through the next several weeks and months.\u00a0 \u201cThe goal is to be live by the end of the year, said Perlman.
\nBeyond the benefits of speed, Perlman said there\u2019s value to glean from the data accompanying the payments, standardized through ISO 20022.
\n\u201cWhen you talk about attaching robust payment invoice and other potentially trade finance data to a transaction, that\u2019s what really unlocks real-time payments as a valuable network for business to business transactions and,\u00a0 more complicated types of payments,\u201d he said.
\nLooking ahead, in the drive to move from the current 900 FIs tied to FedNow to 7,000 banks, Perlman said there will need to be a \u201ccombined effort\u201d between the Fed and partners in the ecosystem,\u201d such as i2c to help educate those FIs.
\n\u201cWe\u2019re really excited to have the opportunity to bring real-time, interbank payment to our clients and allow them to speed up payments reconciliation and adding additional data to their transactions,\u201d he told PYMNTS.
\nThe post FedNow\u2019s First Year: Path to Critical Mass Requires Time and Education appeared first on PYMNTS.com.
\n", "content_text": "A year after its launch, the FedNow\u00ae Service,\u00a0the instant payment service introduced by the U.S. central bank last July 20, has seen 900 banks sign up and connect to the new rails. Seth Perlman, global head of product for i2c, told PYMNTS that the sign-ups bode well for faster payments \u2014 but getting to 7,000 banks and critical mass will take time and education.\n\u201cIt\u2019ll take a long time to get institutions that adoption curve,\u201d and for the banks connecting to FedNow to number in the thousands.\u00a0 \nNonetheless, he said, \u201cthis is incredible traction, for a brand new payment network to get to that level of adoption in the span of a year.\u201d \nThere\u2019s some knowledge and insight to glean from the emergence of faster payments across the globe, particularly in Europe, and what consumers and businesses demand.\nAnd what they\u2019re demanding, Perlman said, \u201cis that payments be instant, just like every other aspect of our lives.\u201d\u00a0 The sentiment echoes statements made by Mark Gould, chief payments executive for Federal Reserve Financial Services, who said, \u201cthe strong growth we\u2019re seeing shows how financial institutions are stepping forward to meet this change in customer expectation.\u201d\nGould\u2019s insight, said Perlman, is \u201cspot on,\u201d where \u201ceveryone knows that payments are just one the latest things that are going to become real time.\u00a0 Seeing the smaller institutions jump on board,\u201d he added, \u201cis an accurate reflection of that statement.\u201d\nThough education is still needed to illuminate new use cases and benefits of instant payments \u2014 as Perlman said, \u201cI\u2019m not sure that everyone is fully up to speed on what FedNow brings to the market.\u201d Perlman noted that the gap is narrowing. \nWhere i2c Stands \nThe larger banks are already participating with FedNow, and as Perlman noted, the central bank has been focusing on recruiting community banks and credit unions (a significant client roster for i2c).\u00a0 Reaching the \u201clong tail\u201d of FIs among smaller entities will require processors and providers to be certified with FedNow, and i2c stands in the middle of the equation, connecting the banks to those integrators and supporters of instant payment services.\nIn terms of easing that connectivity and integration with the new rails, Perlman said, i2c has begun the implementation process to become a certified service provider and anticipates completing the development and testing activities with the Fed through the next several weeks and months.\u00a0 \u201cThe goal is to be live by the end of the year, said Perlman. \nBeyond the benefits of speed, Perlman said there\u2019s value to glean from the data accompanying the payments, standardized through ISO 20022.\n\u201cWhen you talk about attaching robust payment invoice and other potentially trade finance data to a transaction, that\u2019s what really unlocks real-time payments as a valuable network for business to business transactions and,\u00a0 more complicated types of payments,\u201d he said. \nLooking ahead, in the drive to move from the current 900 FIs tied to FedNow to 7,000 banks, Perlman said there will need to be a \u201ccombined effort\u201d between the Fed and partners in the ecosystem,\u201d such as i2c to help educate those FIs.\n\u201cWe\u2019re really excited to have the opportunity to bring real-time, interbank payment to our clients and allow them to speed up payments reconciliation and adding additional data to their transactions,\u201d he told PYMNTS.\nThe post FedNow\u2019s First Year: Path to Critical Mass Requires Time and Education appeared first on PYMNTS.com.", "date_published": "2024-07-24T04:02:49-04:00", "date_modified": "2024-07-23T21:16:27-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/07/FedNow-financial-education-i2C.jpg", "tags": [ "banking", "Connected Economy", "Digital Payments", "digital transformation", "Featured News", "FedNow Service", "financial institutions", "i2C", "News", "Open Banking", "PYMNTS News", "pymnts tv", "real time payments", "Seth Perlman", "video" ] }, { "id": "https://www.pymnts.com/?p=2013269", "url": "https://www.pymnts.com/digital-payments/2024/cash-app-integrates-with-google-play-to-attract-gamers/", "title": "Cash App Integrates With Google Play to Attract Gamers", "content_html": "Cash App has integrated with Google Play to offer more checkout options on Android devices.
\nThe partnership, announced Thursday (July 18), is designed to help the companies engage with a range of consumers, particularly in the gaming space.
\n\u201cWe\u2019re continuously expanding payment options on Google Play, and adding Cash App Pay is a significant step in giving users more choice and convenience while meeting their evolving payment preferences,\u201d Pete Albers, director of retail and payments activation for Google Play, said in a news release.
\nThe release cites figures from the Bureau of Economic Analysis showing that $3 trillion in yearly consumer spending happens outside the traditional financial system, meaning that younger shoppers are seeking alternative payment solutions like Cash App Pay \u2014 which lets consumers pay with their Cash App balance or linked debit card \u2014 when shopping.
\n\u201cNext gen shoppers are demanding more choices at checkout, and we know they\u2019re also looking for more ways to pay with their own money. This partnership not only empowers them to pay flexibly for the things they want, but it also marries two strong customer sets and maximizes their mobile utility,\u201d said Tanuj Parikh, head of partnerships, Cash App and Afterpay at Block.
\nThe partnership comes as the way people choose to pay for things at checkout continues to change, as PYMNTS wrote earlier this week.
\nFor example, digital wallets are now the fastest-growing payment option in the United States, especially among younger consumers.
\n\u201cMost Americans say they use digital wallets more often than traditional payment methods,\u201d that report said. \u201cEven more intriguing, consumers who use this payment method tend to spend more than nonusers. According to a new Worldpay report, the payment method will overtake debit cards in transaction value in North America for in-store payments by 2027.\u201d
\nThe popularity and payment values of these wallets make them a priority tool for businesses to integrate into their payment suites. Still, merchants have some catching up to do to keep up with this ongoing trend.
\n\u201cSome notable stumbling blocks \u2014 including perceptions about security, complexity and legacy technology \u2014 are still holding many back,\u201d PYMNTS wrote.
\nThe news came the same day that Cash App said it was shutting down its U.K. business in mid-September, as it makes the U.S. a greater priority.
\nThe post Cash App Integrates With Google Play to Attract Gamers appeared first on PYMNTS.com.
\n", "content_text": "Cash App has integrated with Google Play to offer more checkout options on Android devices.\nThe partnership, announced Thursday (July 18), is designed to help the companies engage with a range of consumers, particularly in the gaming space.\n\u201cWe\u2019re continuously expanding payment options on Google Play, and adding Cash App Pay is a significant step in giving users more choice and convenience while meeting their evolving payment preferences,\u201d Pete Albers, director of retail and payments activation for Google Play, said in a news release.\nThe release cites figures from the Bureau of Economic Analysis showing that $3 trillion in yearly consumer spending happens outside the traditional financial system, meaning that younger shoppers are seeking alternative payment solutions like Cash App Pay \u2014 which lets consumers pay with their Cash App balance or linked debit card \u2014 when shopping.\n\u201cNext gen shoppers are demanding more choices at checkout, and we know they\u2019re also looking for more ways to pay with their own money. This partnership not only empowers them to pay flexibly for the things they want, but it also marries two strong customer sets and maximizes their mobile utility,\u201d said Tanuj Parikh, head of partnerships, Cash App and Afterpay at Block.\nThe partnership comes as the way people choose to pay for things at checkout continues to change, as PYMNTS wrote earlier this week.\nFor example, digital wallets are now the fastest-growing payment option in the United States, especially among younger consumers.\n\u201cMost Americans say they use digital wallets more often than traditional payment methods,\u201d that report said. \u201cEven more intriguing, consumers who use this payment method tend to spend more than nonusers. According to a new Worldpay report, the payment method will overtake debit cards in transaction value in North America for in-store payments by 2027.\u201d\nThe popularity and payment values of these wallets make them a priority tool for businesses to integrate into their payment suites. Still, merchants have some catching up to do to keep up with this ongoing trend.\n\u201cSome notable stumbling blocks \u2014 including perceptions about security, complexity and legacy technology \u2014 are still holding many back,\u201d PYMNTS wrote.\nThe news came the same day that Cash App said it was shutting down its U.K. business in mid-September, as it makes the U.S. a greater priority.\nThe post Cash App Integrates With Google Play to Attract Gamers appeared first on PYMNTS.com.", "date_published": "2024-07-18T16:12:08-04:00", "date_modified": "2024-07-18T16:12:08-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/05/Google-Play.jpg", "tags": [ "Cash App", "Digital Payments", "digital wallets", "entertainment", "Gaming", "Google", "google play", "News", "partnerships", "Payment Methods", "PYMNTS News", "What's Hot" ] }, { "id": "https://www.pymnts.com/?p=2011516", "url": "https://www.pymnts.com/digital-payments/2024/insurance-industry-500-billion-digital-shift-driven-by-gen-z-expectations/", "title": "Insurance Industry $500 Billion Digital Shift Driven by Gen Z Expectations", "content_html": "As the second half of 2024 unfolds, the insurance sector finds itself in the midst of a profound shift. How profound? According to at least one industry insider, the digital transformation of the insurance business is happening on the scale that swept through retail in the late 1990s and the video industry with the advent of Netflix.
\nThis digital revolution is primarily driven by changing demographics and consumer expectations. As One Inc CEO Ian Drysdale told Karen Webster for the latest installment of the \u201cWhat\u2019s Next In Payments\u201d series, while baby boomers retire and millennials become the largest segment of society, insurance companies are grappling with how to serve a new generation of customers who expect seamless digital experiences.
\n\u201cWe\u2019re seeing the digitalization of insurance with a Gen Z and millennial focus. Everything being online \u2014 not only premiums, which might be a little bit more obvious, but also claims where we can close a claim completely over text message,\u201d Drysdale said.
\nOne Inc helps carriers transform their operations through reducing costs, increasing security and optimizing customer experience by digitizing their processes, payments and disbursements. The push toward digitization isn\u2019t merely about meeting consumer preferences; it\u2019s also a response to economic pressures. Drysdale said that the insurance industry is grappling with inflation rates far exceeding the general economy, with costs rising between 20% to 30% in some areas.
\n\u201cA lot of insurers are losing a lot of money because they\u2019re paying out more in claims than they\u2019re getting in premiums,\u201d Drysdale said. \u201cAs a result, they\u2019re under huge economic pressure and are looking for efficiencies.\u201d
\nThese efficiencies are being found in the digitization of payments and claims processes. Drysdale cited examples of significant cost savings achieved through digital transformation.
\n\u201cWorking with one of the largest life insurers that we all know really well, they saw reduced administrative costs by 20%,\u201d he said. \u201cWe\u2019re talking to insurers who, with our ClaimsPay solution, are saving $5, $10, $20 million a year because they\u2019re not killing trees, sending out envelopes with checks that get lost or can be defrauded.\u201d
\nThe scale of potential savings is immense. According to Drysdale, some in the industry believe there are between $250 and $500 billion in checks still being written in the insurance industry.
\nInstant Payments: The New Frontier
\nOne of the most significant shifts in the industry is the move toward instant payments. Drysdale explained that insurers are embracing technologies like RTP, FedNow and push-to-debit to provide immediate payouts to policyholders.
\n\u201cThey are looking for anything that allows them to pay you at the moment of truth, which is when you\u2019re on with a claims adjuster, you\u2019re in trouble,\u201d Drysdale said. \u201cMaybe it\u2019s after a storm or after an accident. They\u2019re like, \u2018Can we send you $5,000 right now?\u2019 And your phone buzzes with the deposit before you\u2019re even off the phone with that insurance company.\u201d
\nThis shift toward real-time, app-based interactions is not only improving customer satisfaction but also driving business results. Drysdale reported, \u201cWe\u2019re seeing 25% increased retention rates from insurers that are digitally interacting with customers. We\u2019re seeing Net Promoter Scores jump by 10 points, and customer satisfaction scores go up by 18% because of a fully-digital world.\u201d
\nThe Role of AI in Reshaping Insurance
\nArtificial intelligence, particularly generative AI, is set to play a crucial role in the future of insurance. Drysdale predicts that AI will be used to personalize premiums and assess risk at an individual level.
\n\u201cYou can bet any amount of money that over time the internet will be searched to see if you like to jump out of planes, or if you do what I did years ago and you go backcountry skiing or heli-skiing … anything that you do is ultimately going to get priced into your insurance policy,\u201d Drysdale said.
\nHowever, he also sees potential benefits for policyholders: \u201cThere will be a lot of costs taken out of the insurance industry because the gen AI will be processing all of the different information. And it will be coming up with a fair rate without humans being involved.\u201d
\nLooking Ahead
\nAs the industry moves towards the halfway point of the decade, Drysdale sees a clear direction for the future of insurance. \u201cWe\u2019re seeing a real shift toward app-based, real-time, less paperwork, kind of embracing a future of immediate results and immediate benefit in insurance and getting away from the olden days of waiting weeks and weeks and weeks for everything regarding insurance,\u201d he said.
\nThis shift is not just about technology, but about survival in a changing market. As Drysdale puts it, \u201cThe survivors are going to be with that up-to-date culture and get away from the insurance of old.\u201d
\nAs these technologies continue to evolve and mature, Drysdale expects them to deliver not only cost savings and efficiencies for insurers but also improved experiences and fairer pricing for policyholders. The challenge for industry players, he said, will be to navigate this digital revolution while maintaining the trust and security that are fundamental to the customer experience.
\n\n
The post Insurance Industry $500 Billion Digital Shift Driven by Gen Z Expectations appeared first on PYMNTS.com.
\n", "content_text": "As the second half of 2024 unfolds, the insurance sector finds itself in the midst of a profound shift. How profound? According to at least one industry insider, the digital transformation of the insurance business is happening on the scale that swept through retail in the late 1990s and the video industry with the advent of Netflix.\nThis digital revolution is primarily driven by changing demographics and consumer expectations. As One Inc CEO Ian Drysdale told Karen Webster for the latest installment of the \u201cWhat\u2019s Next In Payments\u201d series, while baby boomers retire and millennials become the largest segment of society, insurance companies are grappling with how to serve a new generation of customers who expect seamless digital experiences.\n\u201cWe\u2019re seeing the digitalization of insurance with a Gen Z and millennial focus. Everything being online \u2014 not only premiums, which might be a little bit more obvious, but also claims where we can close a claim completely over text message,\u201d Drysdale said.\nOne Inc helps carriers transform their operations through reducing costs, increasing security and optimizing customer experience by digitizing their processes, payments and disbursements. The push toward digitization isn\u2019t merely about meeting consumer preferences; it\u2019s also a response to economic pressures. Drysdale said that the insurance industry is grappling with inflation rates far exceeding the general economy, with costs rising between 20% to 30% in some areas.\n\u201cA lot of insurers are losing a lot of money because they\u2019re paying out more in claims than they\u2019re getting in premiums,\u201d Drysdale said. \u201cAs a result, they\u2019re under huge economic pressure and are looking for efficiencies.\u201d\nThese efficiencies are being found in the digitization of payments and claims processes. Drysdale cited examples of significant cost savings achieved through digital transformation.\n\u201cWorking with one of the largest life insurers that we all know really well, they saw reduced administrative costs by 20%,\u201d he said. \u201cWe\u2019re talking to insurers who, with our ClaimsPay solution, are saving $5, $10, $20 million a year because they\u2019re not killing trees, sending out envelopes with checks that get lost or can be defrauded.\u201d\nThe scale of potential savings is immense. According to Drysdale, some in the industry believe there are between $250 and $500 billion in checks still being written in the insurance industry.\nInstant Payments: The New Frontier\nOne of the most significant shifts in the industry is the move toward instant payments. Drysdale explained that insurers are embracing technologies like RTP, FedNow and push-to-debit to provide immediate payouts to policyholders.\n\u201cThey are looking for anything that allows them to pay you at the moment of truth, which is when you\u2019re on with a claims adjuster, you\u2019re in trouble,\u201d Drysdale said. \u201cMaybe it\u2019s after a storm or after an accident. They\u2019re like, \u2018Can we send you $5,000 right now?\u2019 And your phone buzzes with the deposit before you\u2019re even off the phone with that insurance company.\u201d\nThis shift toward real-time, app-based interactions is not only improving customer satisfaction but also driving business results. Drysdale reported, \u201cWe\u2019re seeing 25% increased retention rates from insurers that are digitally interacting with customers. We\u2019re seeing Net Promoter Scores jump by 10 points, and customer satisfaction scores go up by 18% because of a fully-digital world.\u201d\nThe Role of AI in Reshaping Insurance\nArtificial intelligence, particularly generative AI, is set to play a crucial role in the future of insurance. Drysdale predicts that AI will be used to personalize premiums and assess risk at an individual level.\n\u201cYou can bet any amount of money that over time the internet will be searched to see if you like to jump out of planes, or if you do what I did years ago and you go backcountry skiing or heli-skiing … anything that you do is ultimately going to get priced into your insurance policy,\u201d Drysdale said.\nHowever, he also sees potential benefits for policyholders: \u201cThere will be a lot of costs taken out of the insurance industry because the gen AI will be processing all of the different information. And it will be coming up with a fair rate without humans being involved.\u201d\nLooking Ahead\nAs the industry moves towards the halfway point of the decade, Drysdale sees a clear direction for the future of insurance. \u201cWe\u2019re seeing a real shift toward app-based, real-time, less paperwork, kind of embracing a future of immediate results and immediate benefit in insurance and getting away from the olden days of waiting weeks and weeks and weeks for everything regarding insurance,\u201d he said.\nThis shift is not just about technology, but about survival in a changing market. As Drysdale puts it, \u201cThe survivors are going to be with that up-to-date culture and get away from the insurance of old.\u201d\nAs these technologies continue to evolve and mature, Drysdale expects them to deliver not only cost savings and efficiencies for insurers but also improved experiences and fairer pricing for policyholders. The challenge for industry players, he said, will be to navigate this digital revolution while maintaining the trust and security that are fundamental to the customer experience.\n \nThe post Insurance Industry $500 Billion Digital Shift Driven by Gen Z Expectations appeared first on PYMNTS.com.", "date_published": "2024-07-17T04:03:57-04:00", "date_modified": "2024-07-16T20:36:47-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/07/One-Inc-SB1.jpg", "tags": [ "artificial intelligence", "Digital Payments", "digital shift", "digital transformation", "Featured News", "Gen Z", "Ian Drysdale", "instant payments", "Insurance", "News", "one inc", "PYMNTS News", "pymnts tv", "real time payments", "video", "WhatsNextInPaymentsSeries", "What\u2019s Next In Payments: The Halftime Report 2024" ] }, { "id": "https://www.pymnts.com/?p=1975245", "url": "https://www.pymnts.com/digital-payments/2024/flipkart-adds-new-bill-pay-recharge-options-ecommerce-platform/", "title": "Flipkart Adds New Bill Pay, Recharge Options to eCommerce Platform", "content_html": "Walmart-owned Indian eCommerce marketplace Flipkart added new ways for customers to pay bills and recharge payments while shopping on the platform.
\nThe company has added FASTag, direct-to-home recharges, landline, broadband and mobile prepaid bill payments to its app, Flipkart said in a Wednesday (July 10) press release.
\nThe new recharge and bill payment categories join the electricity and mobile prepaid recharge options already available on the app, according to the release.
\nThe move is meant to bring continuing innovation to customers and create a one-stop shop that meets their needs, Gaurav Arora, vice president of payments and SuperCoins at Flipkart, said in the release.
\n\u201cWith a rapid surge in the digital payments industry, customers are increasingly opting for electronic mode for paying their bills,\u201d Arora said. \u201cWe have diversified our selection of services in line with Flipkart\u2019s vision to simplify the digital payments journey for customers and further the government\u2019s vision of a cashless economy.\u201d
\nTo help integrate the new services with the Bharat Bill Payments System (BBPS) developed by the National Payments Corporation of India, Flipkart partnered with payment solutions company BillDesk, per the release.
\nAjay Kaushal, co-founder and director of BillDesk, said in the release: \u201cThis strategic expansion allows Flipkart customers to experience seamless bill payments, receive timely notifications and check amounts due across their preferred billers, leveraging BBPS capabilities.\u201d
\nIn another product introduction, Flipkart said in June that it launched a Unified Payments Interface (UPI) payment app dubbed super.money that offers up to 5% back on purchases.
\nThe app also offers \u201ccredit cards that improve your credit\u201d and \u201cpersonal loans that won\u2019t take multiple red tape to get,\u201d super.money said.
\nIn March, Flipkart launched a UPI handle to enhance its digital payment offerings by adding the instant payments system. The company said at the time that the Flipkart UPI allows users to set up their own UPI handle for transactions, both online and offline, and both within and outside the Flipkart marketplace.
\nDheeraj Aneja, senior vice president of FinTech and Payments Group at Flipkart, said at the time that \u201cFlipkart UPI underscores our dedication to shaping a digitally empowered society and reaffirms our role as a leading catalyst in India\u2019s digital evolution.\u201d
\nThe post Flipkart Adds New Bill Pay, Recharge Options to eCommerce Platform appeared first on PYMNTS.com.
\n", "content_text": "Walmart-owned Indian eCommerce marketplace Flipkart added new ways for customers to pay bills and recharge payments while shopping on the platform.\nThe company has added FASTag, direct-to-home recharges, landline, broadband and mobile prepaid bill payments to its app, Flipkart said in a Wednesday (July 10) press release.\nThe new recharge and bill payment categories join the electricity and mobile prepaid recharge options already available on the app, according to the release.\nThe move is meant to bring continuing innovation to customers and create a one-stop shop that meets their needs, Gaurav Arora, vice president of payments and SuperCoins at Flipkart, said in the release.\n\u201cWith a rapid surge in the digital payments industry, customers are increasingly opting for electronic mode for paying their bills,\u201d Arora said. \u201cWe have diversified our selection of services in line with Flipkart\u2019s vision to simplify the digital payments journey for customers and further the government\u2019s vision of a cashless economy.\u201d\nTo help integrate the new services with the Bharat Bill Payments System (BBPS) developed by the National Payments Corporation of India, Flipkart partnered with payment solutions company BillDesk, per the release.\nAjay Kaushal, co-founder and director of BillDesk, said in the release: \u201cThis strategic expansion allows Flipkart customers to experience seamless bill payments, receive timely notifications and check amounts due across their preferred billers, leveraging BBPS capabilities.\u201d\nIn another product introduction, Flipkart said in June that it launched a Unified Payments Interface (UPI) payment app dubbed super.money that offers up to 5% back on purchases.\nThe app also offers \u201ccredit cards that improve your credit\u201d and \u201cpersonal loans that won\u2019t take multiple red tape to get,\u201d super.money said.\nIn March, Flipkart launched a UPI handle to enhance its digital payment offerings by adding the instant payments system. The company said at the time that the Flipkart UPI allows users to set up their own UPI handle for transactions, both online and offline, and both within and outside the Flipkart marketplace.\nDheeraj Aneja, senior vice president of FinTech and Payments Group at Flipkart, said at the time that \u201cFlipkart UPI underscores our dedication to shaping a digitally empowered society and reaffirms our role as a leading catalyst in India\u2019s digital evolution.\u201d\nThe post Flipkart Adds New Bill Pay, Recharge Options to eCommerce Platform appeared first on PYMNTS.com.", "date_published": "2024-07-11T17:20:18-04:00", "date_modified": "2024-07-11T17:20:18-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2022/04/Flipkart.jpg", "tags": [ "bill payments", "Digital Payments", "digital transformation", "ecommerce", "FASTag", "Flipkart", "india", "international", "Mobile Applications", "News", "PYMNTS News", "walmart", "What's Hot" ] }, { "id": "https://www.pymnts.com/?p=1973979", "url": "https://www.pymnts.com/digital-payments/2024/terrapay-and-africas-enza-form-cross-border-payments-partnership/", "title": "TerraPay and Africa\u2019s enza Form Cross-Border Payments Partnership", "content_html": "Africa-focused payments technology firm enza has partnered with money movement company TerraPay.
\nThe collaboration, announced Wednesday (July 10), is designed to promote financial inclusion in Africa, the companies said in a news release provided to PYMNTS.
\nThat means enza\u2014with offices in South Africa and Egypt\u2014can harness TerraPay\u2019s connectivity to\u00a0more than 2.1 billion mobile wallets, allowing for the acceptance of those wallets along with other domestic and international payment brands.
\nThe partnership also aims to simplify cross-border payments for African businesses by leveraging TerraPay\u2019s access to more than 7.5 billion bank accounts, upwards of 2 billion wallets, and over 6 million cards worldwide.
\n\u201cEnza is delighted to be able to incorporate TerraPay\u2019s capabilities into our propositions being delivered to many of Africa\u2019s leading banks,\u201d said Andrew Key, the company\u2019s executive director. \u201cWe are particularly excited about the role the partnership will play in transforming the experience of businesses across Africa, bringing many of them into the formal financial ecosystem for the first time.\u201d
\nPYMNTS spoke recently with TerraPay President Ruben Salazar Genovez about digital payments engagement in another part of the world: Brazil.\u00a0
\nWith the rise of what he called \u201cdevice dependency,\u201d consumers, two-thirds of whom own smartphones, have begun to demand that everything be done online and in real time.
\n\u201cThe developer community knows about these traits, and they continue to create apps that we did not know we needed \u2026 until we start using them,\u201d Genovez told PYMNTS Karen Webster as part of a panel discussion tied to the recent \u201cHow the World Does Digital\u201d report.
\nThe advent of Pix, an instant-payment app launched by the Brazilian central bank in 2023, was a force that \u201clit up\u201d Brazil, Genovez added.
\n\u201cIn many ways, Pix is the enabler for this impressive digital adoption in Brazil,\u201d he said. \u201cThe gig economy, content creators, gaming, streaming services like Netflix or marketplaces like Mercado Libre, all of them need efficient payment infrastructure. So Pix is the backbone of this digital adoption in Brazil today.\u201d
\nAlso this week, PYMNTS examined the rise of digital wallets, noting that while they are gaining traction for features besides making purchases, transactions are still the most common use of this technology.
\nResearch by PYMNTS Intelligence and Google Wallet found that 41% of consumers said they would likely use digital wallets to conduct financial transactions in the next year, slightly ahead of the 40% that said the same thing about storing and accessing payment methods.
\nThe post TerraPay and Africa’s enza Form Cross-Border Payments Partnership appeared first on PYMNTS.com.
\n", "content_text": "Africa-focused payments technology firm enza has partnered with money movement company TerraPay.\nThe collaboration, announced Wednesday (July 10), is designed to promote financial inclusion in Africa, the companies said in a news release provided to PYMNTS.\nThat means enza\u2014with offices in South Africa and Egypt\u2014can harness TerraPay\u2019s connectivity to\u00a0more than 2.1 billion mobile wallets, allowing for the acceptance of those wallets along with other domestic and international payment brands.\nThe partnership also aims to simplify cross-border payments for African businesses by leveraging TerraPay\u2019s access to more than 7.5 billion bank accounts, upwards of 2 billion wallets, and over 6 million cards worldwide.\n\u201cEnza is delighted to be able to incorporate TerraPay\u2019s capabilities into our propositions being delivered to many of Africa\u2019s leading banks,\u201d said Andrew Key, the company\u2019s executive director. \u201cWe are particularly excited about the role the partnership will play in transforming the experience of businesses across Africa, bringing many of them into the formal financial ecosystem for the first time.\u201d\nPYMNTS spoke recently with TerraPay President Ruben Salazar Genovez about digital payments engagement in another part of the world: Brazil.\u00a0\nWith the rise of what he called \u201cdevice dependency,\u201d consumers, two-thirds of whom own smartphones, have begun to demand that everything be done online and in real time.\n\u201cThe developer community knows about these traits, and they continue to create apps that we did not know we needed \u2026 until we start using them,\u201d Genovez told PYMNTS Karen Webster as part of a panel discussion tied to the recent \u201cHow the World Does Digital\u201d report.\nThe advent of Pix, an instant-payment app launched by the Brazilian central bank in 2023, was a force that \u201clit up\u201d Brazil, Genovez added.\n\u201cIn many ways, Pix is the enabler for this impressive digital adoption in Brazil,\u201d he said. \u201cThe gig economy, content creators, gaming, streaming services like Netflix or marketplaces like Mercado Libre, all of them need efficient payment infrastructure. So Pix is the backbone of this digital adoption in Brazil today.\u201d\nAlso this week, PYMNTS examined the rise of digital wallets, noting that while they are gaining traction for features besides making purchases, transactions are still the most common use of this technology.\nResearch by PYMNTS Intelligence and Google Wallet found that 41% of consumers said they would likely use digital wallets to conduct financial transactions in the next year, slightly ahead of the 40% that said the same thing about storing and accessing payment methods.\nThe post TerraPay and Africa’s enza Form Cross-Border Payments Partnership appeared first on PYMNTS.com.", "date_published": "2024-07-10T13:41:13-04:00", "date_modified": "2024-07-10T13:41:13-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/07/TerraPay-enzo-cross-border-payments.jpg", "tags": [ "B2B", "B2B Payments", "cross-border payments", "digital wallets", "enza", "financial inclusion", "Mobile Wallets", "News", "partnerships", "PYMNTS News", "TerraPay", "What's Hot", "What's Hot In B2B", "Digital Payments" ] }, { "id": "https://www.pymnts.com/?p=1972030", "url": "https://www.pymnts.com/digital-payments/2024/do-us-consumers-underestimate-the-potential-of-digital-wallets/", "title": "Do US Consumers Underestimate the Potential Of Digital Wallets?", "content_html": "![\"48%:](\"https://www.pymnts.com/wp-content/uploads/2024/07/Google-Wallet-Digital-Wallets-Beyond-Financial-Transactions-July-2024-Stat-3.jpg?w=180\")
In the United States, digital wallets can be anywhere a smartphone is. In other words, everywhere. Many U.S. consumers are embracing digital wallets, particularly for online shopping. In fact, data shows consumers are 23% more likely to use them for online shopping than in-store purchases. Beyond shopping, PYMNTS Intelligence finds that digital wallets are popular for peer-to-peer payments.
Yet, despite a reputation for tech-savviness, most U.S. consumers are unfamiliar with all these tools could offer. For example, just 8.7% of consumers have used one to store nontransactional credentials. Even fewer have used one of the credentials they have stored.
\nThese are just some of the findings detailed in \u201cDigital Wallets Beyond Financial Transactions: U.S. Edition,\u201d a PYMNTS Intelligence and Google Wallet collaboration. This report examines consumer perceptions and use of digital wallets in the last year and into the future in the U.S. market. It draws on insights from a survey of 2,169 consumers conducted from Jan. 11 to Feb. 5.
\n![\"8.7%:](\"https://www.pymnts.com/wp-content/uploads/2024/07/Google-Wallet-Digital-Wallets-Beyond-Financial-Transactions-July-2024-Stat-2.jpg?w=180\")
Other key findings in the report include:
\nNontransactional applications include accessing events, but data reveals just 3.4% of U.S. consumers have used a digital wallet in this way. Other uses are similarly underutilized, with just 2.9% using one to access a rewards program. The most common nontransactional use is for travel and transportation, but even there, only 4.1% have used those features. The report details how this usage varies by wallet provider.![\"77%:](\"https://www.pymnts.com/wp-content/uploads/2024/07/Google-Wallet-Digital-Wallets-Beyond-Financial-Transactions-July-2024-Stat-1.jpg?w=180\")
Proving your identity is a part of everyday life, from the bank to the airline gate. Most U.S. consumers had reason to verify their identity in the last year, and most consumers carry their phones everywhere. It is only natural, then, that many consumers anticipate they\u2019ll be able to use a digital wallet to verify their identity in the next three years.
\nConsumers in the U.S. are missing out on the vast potential of this technology, as they mostly use it to make purchases or peer-to-peer payments. Download the report to learn more about digital wallets\u2019 nontransactional features.
\n\n
The post Do US Consumers Underestimate the Potential Of Digital Wallets? appeared first on PYMNTS.com.
\n", "content_text": "Download the Report\n \n Digital Wallets Beyond Financial Transactions: U.S. Edition\n \n \n \n \n \n \n [contact-form-7]\n \n \n \n \n \n\nIn the United States, digital wallets can be anywhere a smartphone is. In other words, everywhere. Many U.S. consumers are embracing digital wallets, particularly for online shopping. In fact, data shows consumers are 23% more likely to use them for online shopping than in-store purchases. Beyond shopping, PYMNTS Intelligence finds that digital wallets are popular for peer-to-peer payments.\nYet, despite a reputation for tech-savviness, most U.S. consumers are unfamiliar with all these tools could offer. For example, just 8.7% of consumers have used one to store nontransactional credentials. Even fewer have used one of the credentials they have stored.\nThese are just some of the findings detailed in \u201cDigital Wallets Beyond Financial Transactions: U.S. Edition,\u201d a PYMNTS Intelligence and Google Wallet collaboration. This report examines consumer perceptions and use of digital wallets in the last year and into the future in the U.S. market. It draws on insights from a survey of 2,169 consumers conducted from Jan. 11 to Feb. 5.\n\nOther key findings in the report include:\nMost U.S. consumers are unfamiliar with using digital wallets for anything beyond transactions.\nNontransactional applications include accessing events, but data reveals just 3.4% of U.S. consumers have used a digital wallet in this way. Other uses are similarly underutilized, with just 2.9% using one to access a rewards program. The most common nontransactional use is for travel and transportation, but even there, only 4.1% have used those features. The report details how this usage varies by wallet provider.\nA solution that could simplify the identification process.\nProving your identity is a part of everyday life, from the bank to the airline gate. Most U.S. consumers had reason to verify their identity in the last year, and most consumers carry their phones everywhere. It is only natural, then, that many consumers anticipate they\u2019ll be able to use a digital wallet to verify their identity in the next three years.\nConsumers in the U.S. are missing out on the vast potential of this technology, as they mostly use it to make purchases or peer-to-peer payments. Download the report to learn more about digital wallets\u2019 nontransactional features.\n \nThe post Do US Consumers Underestimate the Potential Of Digital Wallets? appeared first on PYMNTS.com.", "date_published": "2024-07-08T04:03:11-04:00", "date_modified": "2024-07-08T14:03:15-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/07/Digital-Wallets-Google-Nontransaction-Credentials.jpg", "tags": [ "consumer finance", "consumer payments", "digital credentials", "Digital Payments", "digital wallets", "Featured News", "Google Wallet", "News", "PYMNTS Intelligence", "PYMNTS News", "PYMNTS Study" ] }, { "id": "https://www.pymnts.com/?p=1966609", "url": "https://www.pymnts.com/digital-payments/2024/elavon-introduces-embedded-payments-solution-for-hotels-hospitality-related-businesses/", "title": "Elavon Introduces Embedded Payments Solution for Hotels, Hospitality-Related Businesses", "content_html": "Elavon has launched a new application programming interface (API) that helps hotels and other hospitality-related businesses manage digital and in-person payments.
\nWith the new\u00a0Elavon Cloud Payments Interface, these businesses can embed payments and allow guests to pay anywhere, at any time, the payments processor said in\u00a0a Tuesday (June 25)\u00a0press release.
\n\u201cThis system cuts the cord and enables a smoother experience by enabling guests to charge for meals and services wherever they are,\u201d\u00a0Pari Sawant, global chief product officer at Elavon, said in the release.
\nFor hospitality businesses in the United States, Canada and the Caribbean, the new API scales payments, supports third-party payments providers and remains PCI\u00a0compliant, according to the release.
\nThe solution allows these businesses to easily add new locations and devices, benefit from fraud protection capabilities, and remain up to date on features and patches via automatic software updates, per the release.
\n\u201cElavon Cloud Payments Interface helps continue digital transformation across the hospitality industry by enhancing guest experiences, streamlining operations and providing real-time safe and secure data synchronization,\u201d Sawant said in the release. \u201cThis lets us focus on the payment and allows our merchants to focus on delivering exceptional service.\u201d
\nPYMNTS Intelligence has found that customers are hungry for digital experiences when they\u00a0travel. For example, 73% of consumers want to use their mobile phones for functionalities such as checking in to hotels, paying and ordering food, according to the PYMNTS Intelligence and\u00a0LS Retail collaboration, \u201cCan Automation Solve Labor Shortages in the Hospitality Sector?\u201d
\nIn another recent product launch in this sector,\u00a0Sabre Hospitality said Monday (June 24) that it expanded the offer and fulfillment options it provides to\u00a0hotels. The company\u2019s retailing solution now allows hoteliers to sell experiences, services\u00a0and goods without a room reservation. Later this summer, it will also integrate automated fulfillment.
\nOn June 18,\u00a0Otelier launched a product that automates accounts payable (AP) workflows for\u00a0hotel operators, saying it streamlines back-office operations by eliminating time spent processing invoices and cutting checks to suppliers. The new DigiPay product helps hoteliers\u2019 AP teams verify invoice accuracy, streamline workflows and automatically direct invoices to the proper stakeholders.
\nThe post Elavon Introduces Embedded Payments Solution for Hotels, Hospitality-Related Businesses appeared first on PYMNTS.com.
\n", "content_text": "Elavon has launched a new application programming interface (API) that helps hotels and other hospitality-related businesses manage digital and in-person payments.\nWith the new\u00a0Elavon Cloud Payments Interface, these businesses can embed payments and allow guests to pay anywhere, at any time, the payments processor said in\u00a0a Tuesday (June 25)\u00a0press release.\n\u201cThis system cuts the cord and enables a smoother experience by enabling guests to charge for meals and services wherever they are,\u201d\u00a0Pari Sawant, global chief product officer at Elavon, said in the release.\nFor hospitality businesses in the United States, Canada and the Caribbean, the new API scales payments, supports third-party payments providers and remains PCI\u00a0compliant, according to the release.\nThe solution allows these businesses to easily add new locations and devices, benefit from fraud protection capabilities, and remain up to date on features and patches via automatic software updates, per the release.\n\u201cElavon Cloud Payments Interface helps continue digital transformation across the hospitality industry by enhancing guest experiences, streamlining operations and providing real-time safe and secure data synchronization,\u201d Sawant said in the release. \u201cThis lets us focus on the payment and allows our merchants to focus on delivering exceptional service.\u201d\nPYMNTS Intelligence has found that customers are hungry for digital experiences when they\u00a0travel. For example, 73% of consumers want to use their mobile phones for functionalities such as checking in to hotels, paying and ordering food, according to the PYMNTS Intelligence and\u00a0LS Retail collaboration, \u201cCan Automation Solve Labor Shortages in the Hospitality Sector?\u201d\nIn another recent product launch in this sector,\u00a0Sabre Hospitality said Monday (June 24) that it expanded the offer and fulfillment options it provides to\u00a0hotels. The company\u2019s retailing solution now allows hoteliers to sell experiences, services\u00a0and goods without a room reservation. Later this summer, it will also integrate automated fulfillment.\nOn June 18,\u00a0Otelier launched a product that automates accounts payable (AP) workflows for\u00a0hotel operators, saying it streamlines back-office operations by eliminating time spent processing invoices and cutting checks to suppliers. The new DigiPay product helps hoteliers\u2019 AP teams verify invoice accuracy, streamline workflows and automatically direct invoices to the proper stakeholders.\nThe post Elavon Introduces Embedded Payments Solution for Hotels, Hospitality-Related Businesses appeared first on PYMNTS.com.", "date_published": "2024-06-25T14:58:04-04:00", "date_modified": "2024-06-25T14:58:04-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2022/05/hotel-payments.jpg", "tags": [ "API", "Digital Payments", "elavon", "Embedded Payments", "hospitality", "hotels", "News", "Payment Methods", "PYMNTS News", "What's Hot" ] }, { "id": "https://www.pymnts.com/?p=1963308", "url": "https://www.pymnts.com/digital-payments/2024/new-report-whats-in-a-gen-zs-mobile-wallet/", "title": "New Report: What\u2019s in Gen Z\u2019s Mobile Wallet?", "content_html": "![\"\"](\"https://www.pymnts.com/wp-content/uploads/2024/06/Download-Google-Wallet-Digital-Wallets-Beyond-Financial-Transactions-June-2024.jpg\"){kind=spacer}
\nConsumers are embracing digital wallets, and more than 70% of consumers globally now use one. In fact, many consumers have stored credentials and used a digital wallet to verify their identities or to access events. PYMNTS Intelligence\u2019s data shows satisfaction with the convenience and ease of use among consumers around the world.![\"74%:](\"https://www.pymnts.com/wp-content/uploads/2024/06/Google-Wallet-Digital-Wallets-Beyond-Financial-Transactions-June-2024-Stat-1.jpg\")
Generation Z consumers in particular are making the most use of these wallets. These consumers store payment information and IDs or access information in the wallets. In fact, 10% of Gen Z say they rarely or never carry a physical wallet anymore.
\nThese are just some of the findings detailed in \u201cDigital Wallets Beyond Financial Transactions: A Global Perspective,\u201d a PYMNTS Intelligence and Google Wallet collaboration. This report examines consumer perceptions and use of digital wallets in five key markets: Brazil, France, Germany, the U.K. and the U.S. It draws on insights from a survey of 12,299 consumers conducted from Jan. 11 to Feb. 5, 2024.
\nOther key findings in the report include:![\"33%:](\"https://www.pymnts.com/wp-content/uploads/2024/06/Google-Wallet-Digital-Wallets-Beyond-Financial-Transactions-June-2024-Stat-2.jpg\")
Consumers say the easy access and rapid processing when they use digital wallets for access or verification is impressive. Across the five countries studied, 74% of consumers who use these wallets for these nontransactional purposes show high satisfaction. Those using government-based apps for storing IDs are least likely to be satisfied.
\nPYMNTS Intelligence finds a usage gap. While 20% of consumers worldwide have stored credentials, only 8% actually used stored credentials in the last year. Among Gen Z consumers who use digital wallets, however, 11% used their stored credentials. This may explain why Gen Z consumers are the most likely to leave their physical wallets behind altogether.![\"26%:](\"https://www.pymnts.com/wp-content/uploads/2024/06/Google-Wallet-Digital-Wallets-Beyond-Financial-Transactions-June-2024-Stat-3.jpg\")
One consistent hiccup digital wallet users experience is lack of internet access. Many consumers (26%) report internet issues hindered their ability to use the apps. This is a particularly significant problem in Brazil, which leads in adoption. Despite this, significant shares of consumers prefer them for verifying their identities online.
\nThe role of this technology in consumer\u2019s lives is evolving. Consumers who use them report high levels of satisfaction, but providers need to continue to innovate and reduce frictions. Download the report to learn what digital wallet usage in Brazil, Germany, France, the U.K. and the U.S. reveals about what the future holds.
\nThe post New Report: What\u2019s in Gen Z\u2019s Mobile Wallet? appeared first on PYMNTS.com.
\n", "content_text": "Consumers are embracing digital wallets, and more than 70% of consumers globally now use one. In fact, many consumers have stored credentials and used a digital wallet to verify their identities or to access events. PYMNTS Intelligence\u2019s data shows satisfaction with the convenience and ease of use among consumers around the world.\nGeneration Z consumers in particular are making the most use of these wallets. These consumers store payment information and IDs or access information in the wallets. In fact, 10% of Gen Z say they rarely or never carry a physical wallet anymore.\nThese are just some of the findings detailed in \u201cDigital Wallets Beyond Financial Transactions: A Global Perspective,\u201d a PYMNTS Intelligence and Google Wallet collaboration. This report examines consumer perceptions and use of digital wallets in five key markets: Brazil, France, Germany, the U.K. and the U.S. It draws on insights from a survey of 12,299 consumers conducted from Jan. 11 to Feb. 5, 2024.\nOther key findings in the report include:\nConvenience and rapid processing drive satisfaction with using digital wallets for verification or access.\nConsumers say the easy access and rapid processing when they use digital wallets for access or verification is impressive. Across the five countries studied, 74% of consumers who use these wallets for these nontransactional purposes show high satisfaction. Those using government-based apps for storing IDs are least likely to be satisfied.\nGen Z sets an example by using credentials stored in digital wallets more frequently.\nPYMNTS Intelligence finds a usage gap. While 20% of consumers worldwide have stored credentials, only 8% actually used stored credentials in the last year. Among Gen Z consumers who use digital wallets, however, 11% used their stored credentials. This may explain why Gen Z consumers are the most likely to leave their physical wallets behind altogether.\nMany users cite internet connectivity issues as an issue in nontransactional activities.\nOne consistent hiccup digital wallet users experience is lack of internet access. Many consumers (26%) report internet issues hindered their ability to use the apps. This is a particularly significant problem in Brazil, which leads in adoption. Despite this, significant shares of consumers prefer them for verifying their identities online.\nThe role of this technology in consumer\u2019s lives is evolving. Consumers who use them report high levels of satisfaction, but providers need to continue to innovate and reduce frictions. Download the report to learn what digital wallet usage in Brazil, Germany, France, the U.K. and the U.S. reveals about what the future holds.\nThe post New Report: What\u2019s in Gen Z\u2019s Mobile Wallet? appeared first on PYMNTS.com.", "date_published": "2024-06-20T04:00:58-04:00", "date_modified": "2024-06-19T21:33:38-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/06/digital-wallets-google-payments.jpg", "tags": [ "consumer finance", "consumer payments", "digital credentials", "Digital Payments", "digital wallets", "Google Wallet", "Main Feature", "News", "PYMNTS Intelligence", "PYMNTS News", "PYMNTS Study" ] }, { "id": "https://www.pymnts.com/?p=1956023", "url": "https://www.pymnts.com/digital-payments/2024/paytm-continues-to-lose-digital-payments-ground-to-google-and-walmart/", "title": "Paytm Continues to Lose Digital Payments Ground to Google and Walmart", "content_html": "India-based Paytm\u2019s share of the country\u2019s Unified Payments Interface (UPI) continues to slip.
\nThe FinTech made up 8.1% of total UPI transactions last month, down from 13% in January, the National Payments Corporation of India said in data released Thursday (June 6).
\nPaytm accounted for 1.1 billion customer-initiated transactions on the network. That put the company in third place between the Walmart-backed PhonePe (6.8 billion) and Google Pay (5.2 billion), whose share of the market continues to climb.
\nThe company has been struggling since January, when India\u2019s banking regulator suspended business at Paytm Payments Bank \u2014 which had processed much of Paytm\u2019s payments \u2014 after an audit uncovered \u201cpersistent noncompliances and continued material supervisory concerns.\u201d
\nThe move by the Reserve Bank of India (RBI) followed two years of warnings about the questionable relationship between Paytm and its banking arm.
\nLater reports said the RBI came to this decision after the audit found money and data traffic flow between Paytm Payments Bank and its parent company that sparked accounting and supervisory problems. The regulator also warned of possible conflicts of interest, with the same executives making decisions at both Paytm and Paytm Payments Bank.
\nThe news comes weeks after reports that Indian conglomerate Adani was in talks to enter the eCommerce and payments space.
\nThe company is considering applying for a license to take part in the UPI network, the Financial Times reported last week.
\nAdani is also in discussions with banks to finalize plans for a co-branded credit card and negotiating to offer online shopping via India\u2019s state-supported eCommerce platform, the Open Network for Digital Commerce, that report said.
\n\u201cThere are just three business conglomerates running this country \u2014 the Tatas, the Ambanis and the Adanis,\u201d Jayanth Kolla, a Bengaluru-based technology analyst, told the British newspaper. \u201cAdani is the one of the three groups which does not have significant consumer-facing businesses.\u201d
\nCompanies like Paytm, Adani, Google and PhonePe are all vying for consumer attention in a country that has been on a \u201cdigital payments journey\u201d for the last 15 years, as PYMNTS wrote in late 2023.
\nPYMNTS Intelligence research has shown that digital wallets are now the preferred payment method for more than half of retail purchases in India, with 80% of digital wallet users opting for UPI.
\nThe post Paytm Continues to Lose Digital Payments Ground to Google and Walmart appeared first on PYMNTS.com.
\n", "content_text": "India-based Paytm\u2019s share of the country\u2019s Unified Payments Interface (UPI) continues to slip.\nThe FinTech made up 8.1% of total UPI transactions last month, down from 13% in January, the National Payments Corporation of India said in data released Thursday (June 6).\nPaytm accounted for 1.1 billion customer-initiated transactions on the network. That put the company in third place between the Walmart-backed PhonePe (6.8 billion) and Google Pay (5.2 billion), whose share of the market continues to climb.\nThe company has been struggling since January, when India\u2019s banking regulator suspended business at Paytm Payments Bank \u2014 which had processed much of Paytm\u2019s payments \u2014 after an audit uncovered \u201cpersistent noncompliances and continued material supervisory concerns.\u201d\nThe move by the Reserve Bank of India (RBI) followed two years of warnings about the questionable relationship between Paytm and its banking arm.\nLater reports said the RBI came to this decision after the audit found money and data traffic flow between Paytm Payments Bank and its parent company that sparked accounting and supervisory problems. The regulator also warned of possible conflicts of interest, with the same executives making decisions at both Paytm and Paytm Payments Bank.\nThe news comes weeks after reports that Indian conglomerate Adani was in talks to enter the eCommerce and payments space.\nThe company is considering applying for a license to take part in the UPI network, the Financial Times reported last week.\nAdani is also in discussions with banks to finalize plans for a co-branded credit card and negotiating to offer online shopping via India\u2019s state-supported eCommerce platform, the Open Network for Digital Commerce, that report said.\n\u201cThere are just three business conglomerates running this country \u2014 the Tatas, the Ambanis and the Adanis,\u201d Jayanth Kolla, a Bengaluru-based technology analyst, told the British newspaper. \u201cAdani is the one of the three groups which does not have significant consumer-facing businesses.\u201d\nCompanies like Paytm, Adani, Google and PhonePe are all vying for consumer attention in a country that has been on a \u201cdigital payments journey\u201d for the last 15 years, as PYMNTS wrote in late 2023.\nPYMNTS Intelligence research has shown that digital wallets are now the preferred payment method for more than half of retail purchases in India, with 80% of digital wallet users opting for UPI.\nThe post Paytm Continues to Lose Digital Payments Ground to Google and Walmart appeared first on PYMNTS.com.", "date_published": "2024-06-06T13:15:34-04:00", "date_modified": "2024-06-06T13:15:34-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/02/Paytm-2.jpg", "tags": [ "APAC", "Digital Payments", "digital wallets", "india", "international", "News", "Payment Methods", "Paytm", "Paytm Payments Bank", "PYMNTS News", "United Payments Interface", "UPI", "What's Hot" ] } ] }