Discover® Global Network Study: Slow Payments and Fraud Prevention Are Pivotal Growth Opportunities in Consumer and Merchants Segments
Discover Global Network has released its 2024 Payments State of the Union study, revealing key insights into the payments ecosystem. The study highlights that 73% of consumers used instant payments in the last 90 days, with 82% interested in real-time bill payments. Security remains paramount, with 51% of consumers prioritizing personal information security.
Merchants are increasingly focusing on payments, with 61% viewing it as highly strategic for competitive differentiation. Fraud prevention (75%) and providing diverse payment options (75%) are important for merchant success. Fintechs identify consumers (49%) and merchants (39%) as key growth opportunities, with 93% emphasizing the importance of instant payments.
Discover Global Network ha pubblicato il suo studio sullo stato dei pagamenti 2024, rivelando importanti informazioni sull'ecosistema dei pagamenti. Lo studio evidenzia che il 73% dei consumatori ha utilizzato pagamenti istantanei negli ultimi 90 giorni, con l'82% interessato ai pagamenti per bollette in tempo reale. La sicurezza rimane fondamentale, con il 51% dei consumatori che dà priorità alla sicurezza delle informazioni personali.
I commercianti si stanno sempre più concentrando sui pagamenti, con il 61% che lo considerano altamente strategico per la differenziazione competitiva. La prevenzione delle frodi (75%) e la fornitura di opzioni di pagamento diversificate (75%) sono importanti per il successo dei commercianti. Le fintech vedono i consumatori (49%) e i commercianti (39%) come opportunità chiave per la crescita, con il 93% che sottolinea l'importanza dei pagamenti istantanei.
Discover Global Network ha publicado su estudio sobre el estado de los pagos 2024, revelando información clave sobre el ecosistema de pagos. El estudio destaca que el 73% de los consumidores utilizaron pagos instantáneos en los últimos 90 días, con el 82% interesado en pagos de facturas en tiempo real. La seguridad sigue siendo primordial, con el 51% de los consumidores priorizando la seguridad de la información personal.
Los comerciantes están enfocándose cada vez más en los pagos, con el 61% considerándolo altamente estratégico para la diferenciación competitiva. La prevención del fraude (75%) y la oferta de diversas opciones de pago (75%) son importantes para el éxito de los comerciantes. Las fintechs identifican a los consumidores (49%) y a los comerciantes (39%) como oportunidades clave para el crecimiento, con el 93% enfatizando la importancia de los pagos instantáneos.
Discover Global Network는 2024 결제 상태 보고서를 발표하며 결제 생태계에 대한 주요 인사이트를 공개했습니다. 이 연구에 따르면 73%의 소비자가 지난 90일 동안 즉시 결제를 사용했습니다. 82%는 실시간 청구서 결제에 관심이 있습니다. 보안이 가장 중요합니다, 51%의 소비자가 개인 정보의 보안을 우선시합니다.
상인들은 점점 더 결제에 집중하고 있으며, 61%은 경쟁 차별화에 매우 전략적이라고 보고 있습니다. 사기 방지 (75%)와 다양한 결제 옵션 제공 (75%)이 상인의 성공에 중요합니다. 핀테크 회사는 소비자 (49%)와 상인 (39%)을 주요 성장 기회로 보며, 93%가 즉시 결제의 중요성을 강조하고 있습니다.
Discover Global Network a publié son étude sur l'état des paiements 2024, révélant des informations clés sur l'écosystème des paiements. L'étude souligne que 73% des consommateurs ont utilisé des paiements instantanés au cours des 90 derniers jours, avec 82% intéressés par les paiements de factures en temps réel. La sécurité reste primordiale, 51% des consommateurs plaçant la sécurité des informations personnelles en tête de leurs priorités.
Les commerçants se concentrent de plus en plus sur les paiements, 61% les considérant comme très stratégiques pour la différenciation concurrentielle. La prévention de la fraude (75%) et la fourniture d'options de paiement diversifiées (75%) sont importantes pour le succès des commerçants. Les fintechs identifient les consommateurs (49%) et les commerçants (39%) comme des opportunités clés de croissance, avec 93% soulignant l'importance des paiements instantanés.
Discover Global Network hat seine Studie zum Stand der Zahlungen 2024 veröffentlicht, die wichtige Einblicke in das Zahlungssystem liefert. Die Studie zeigt, dass 73% der Verbraucher in den letzten 90 Tagen Sofortzahlungen genutzt haben, wobei 82% an Echtzeit-Rechnungszahlungen interessiert sind. Sicherheit hat oberste Priorität, da 51% der Verbraucher die Sicherheit persönlicher Informationen priorisieren.
Händler konzentrieren sich zunehmend auf Zahlungen, wobei 61% dies als hochstrategisch für die Wettbewerbsdifferenzierung betrachten. Betrugsprävention (75%) und die Bereitstellung diverser Zahlungsoptionen (75%) sind wichtig für den Erfolg der Händler. Fintechs identifizieren Verbraucher (49%) und Händler (39%) als wichtige Wachstumschancen, wobei 93% die Bedeutung von Sofortzahlungen betont.
- 73% of consumers actively using instant payments indicates strong market adoption
- 61% of merchants view payments as strategic differentiator
- 93% of fintechs recognize instant payments as important emerging payment use case
- Strong alignment between consumer demands and fintech service offerings
- Rising payment fraud reported by 34% of merchants
- Increasing new account fraud (27%) and friendly fraud (26%) affecting merchants
- Complex security requirements potentially impacting user experience
Insights
This comprehensive payments ecosystem study reveals significant market dynamics impacting Discover's competitive position. The high consumer adoption of instant payments (
Three key opportunities emerge:
- Instant payment infrastructure development, with
82% of consumers interested in real-time bill payments - Enhanced security solutions, as
71% of consumers accept additional security measures - Fraud prevention technologies, with
75% of merchants prioritizing this area
The alignment between consumer demands and merchant priorities creates a favorable environment for Discover to expand its payment network services and potentially increase transaction volume and market share.
The study highlights a strategic pivot point in the payments industry. The convergence of instant payments and fraud prevention as top priorities (
The focus on B2B payments (
Fintechs Address Rising Consumer Payment Adoption and Merchant Adaption
Over the past few years, the fintech industry has had a transformative effect on the way consumers and businesses leverage finances for their needs. Yet, some fintechs are at crossroads of satisfying both parties due to complex requirements from merchants and consumers. Striking the right balance between these needs has become essential for continued success. At Money 20/20
“The fintech ecosystem is having a transformative impact on our everyday lives. We’re seeing a lot of adoption and maturation of financial services from consumers and businesses,” said Jennifer Cruz, SVP, US Acceptance & Credit Issuing, Discover Global Network. “That said, fintechs walk a tightrope between consumers who expect instant and convenient payment experiences and merchants that demand seamless integration and security. As a leader in financial services and in our fourth year of surveying thousands of decision-makers within the payments ecosystem, this study should help fintechs with their persistent balancing act.”
Key findings from the 2024 Payments State of the Union survey include:
Consumer usage signals instant payments as a prime opportunity, but security is key
-
Over the last 90 days, (
73% ) of consumers used instant payments. Consumers are interested in using instant payments for real-time bill payments (82% ), real-time business payouts (80% ), and real-time account transfers (76% ). -
Being empowered with better fraud controls (
38% ) and the ability to make/receive instant payments (37% ) are the leading areas of improvement consumers want to see from financial institutions. -
When deciding to use an emerging payment experience, (
51% ) of consumers see the security of their personal information as an important factor; followed by ease of use (33% ) and convenience (30% ). -
(
71% ) of consumers are willing to adapt to additional security steps for log in or checkout.
Merchants heighten focus on payments to solve slow payment transfers and fraud
-
(
61% ) of merchants view accepting payments as a highly strategic focus for competitive differentiation. Merchants see payments as critical to the success of the customer experience (58% ), business performance (58% ), and customer loyalty (57% ). -
Improving fraud prevention processes (
75% ) and providing a wide variety of payment options for consumers (75% ) are important to the success of a merchant’s business. -
Tap to Pay on mobile (
93% ), instant payments (92% ) and digital identity (88% ) are the technologies merchants anticipate providing the most value to their business. -
(
38% ) of merchants identified reducing fraud/chargebacks as a top business payment priority in the next two years. -
Payment fraud (
34% ), new account fraud (27% ), friendly fraud [customers disputing legitimate purchases] (26% ), and bot attacks (26% ) have increased the most in the last two years among merchants.
Fintechs track demands of consumers and merchants
-
Fintechs see consumers (
49% ) and merchants (39% ) as a growth opportunity in the next five years. -
Fraud prevention (
92% ), payment data security (92% ), commercial/B2B payments (90% ), and instant payments (93% ) are important payment initiatives for fintechs. -
(
93% ) of fintechs say instant payments are an important emerging payment use case to their business.-
Business-to-business payments (
66% ), business-to-consumer payments (57% ), and consumer-to-business (55% ) are the instant payments use cases fintechs are most interested in pursuing.
-
Business-to-business payments (
-
Artificial intelligence (
44% ) is the topic fintechs are most interested in deepening their expertise in and (50% ) of fintechs want to leverage artificial intelligence to pursue fraud prevention.
“The third installment of this year’s survey revealed significant opportunities for fintechs to address the needs of both consumer and merchant audiences,” said Jordan McKee, Research Director, 451 Research, a part of S&P Global. “Contrary to expectations, their priorities aligned more closely than anticipated, unveiling a clear path to current and future growth. Overall, the findings emphasize that instant payments and fraud prevention are key areas where fintechs should concentrate their efforts to drive success.”
Money 20/20
When: Tuesday, October 29, 2024; 10:00 - 10:30am local time (PT)
Where: The Briefing Room Stage
Title: Payments in 2030: Building a Future Forward Payment Strategy
What: Consumer needs are in constant flux, making the key to success flexibility and integration with the right partners. In this session, we’ll delve into the current trends in the ecosystem, how payment partnerships are an innovation accelerant, and how enabling modular and highly composable payment stacks will be central to meeting specific business needs.
For a deeper dive into these findings, visit (or download) the full study.
Survey Methodology
A global survey of 1,067 fintech vendor respondents in VP, C-suite and founder roles, 2,258 merchant respondents in senior payments/finance and strategy roles, and 5,030 consumer respondents. Markets surveyed include US,
About Discover
Discover Financial Services (NYSE: DFS) is a digital banking and payment services company with one of the most recognized brands in
View source version on businesswire.com: https://www.businesswire.com/news/home/20241028879030/en/
Katie Gaynor
+1-513-478-0851
katiegaynor@discover.com
@Discover_News
Source: Discover Financial Services
FAQ
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