Global Payment Innovation Trends 2019 code:1443

Global Payment Innovation Trends 2019
OVERVIEW
TABLE OF CONTENTS
COMPANIES MENTIONED
Countries Covered: Australia, China, France, Germany, South Korea, UK, USA
Pages: 67
Publication Date: 18/07/2019
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Questions Covered in the report:
  • What are the top innovation trends in global payments in 2019?
  • How large are biometric and voice payments projected to be in 2023?
  • What is the future of IoT payments?
  • How large are the cryptocurrency payments to merchants in 2019?
  • How many real-time payment schemes are there worldwide?

Key findings:

Innovation reshapes the global payments landscape

Mobile biometrics as the future of payment authentication

One of the top innovation trends in global payments is mobile biometrics. As of 2019, consumers own billions of electronic devices equipped with some form of biometric authentication – fingerprint, iris scanner, facial recognition, and others. Coupled with the digital payment means, for example Apple Pay, Google Pay and Samsung Pay and the like, these devices enable a new form of payments – biometric payments. According to a projection cited in the yStats.com report, the value of mobile payment transactions authenticated with biometrics is projected to shoot up between now and 2023, with more than two-thirds of global shoppers willing to use biometrics to secure their payment transactions.

AI and IoT at the forefront of payment innovation

Artificial Intelligence (AI) and the Internet of Things (IoT) have also found their application in global payments. AI-powered virtual assistants are increasingly used to make digital purchases and payments using voice command. In advanced digital markets such as the USA and the UK, a double-digit share of consumers who own a voice assistant have already used it to make a payment, according to a recent survey from 2019 cited by yStats.com. IoT payments are also projected to see rapid growth through 2023, led by connected cars and connected home devices. However, for these new payment forms to realize their full potential, many consumers still need to be convinced that such transactions are secure. More than one in two global respondents would only use voice-activated payments for lower value purchases, and less than 50% trusted that such voice payments are secure.

Cryptocurrency payments are yet to gain consumer trust

Among other innovations, the cryptocurrency boom has spilled over into the payments space, as the yStats.com report shows. While only a single percentage point of global economic activity with Bitcoin is attributed to merchant payments as of the beginning of 2019, this still translates into a payment volume of several billions of U.S. dollars over the full year. Although more businesses are starting to accept crypto payments and new digital currencies are being launched, consumers are wary of the high volatility and complexity of this payment mean.

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1. Management Summary

2. Biometric Payments

  • Global: Overview of Biometric Payments, June 2019
  • Global: Value of Remote and In-Store Mobile Payment Transactions Using Biometrics, in USD billion, 2018 & 2023f
  • Global: Number of Remote Mobile Biometric Transactions, in billions, and Their Share of Total In-Store and Remote Transactions Authenticated via Mobile Biometrics, in %, 2018 & 2023f
  • Global: Share of Respondents Who Would be Willing to Use Fingerprint or Other Biometrics to Secure Their Payment Details, in %, 2018
  • Global: Share of Consumers Who Have More Confidence in a Business That Uses Physical Biometrics for Online Security, in %, 2018
  • Global: Security Measures Preferred by Online Shoppers, in % of Online Shoppers, by Canada, Germany, the UK and the USA, April 2019
  • Global: Breakdown of Online Shoppers’ Attitudes to Biometric Payments, in % of Online Shoppers, April 2019
  • Global: Perceived Benefits of Using Biometrics to Confirm Payments When Shopping Online, in % of Online Shoppers, April 2019
  • Global: Perceived Barriers to Using Biometrics to Confirm Payments When Shopping Online, in % of Online Shoppers, April 2019
  • Global: Share of Online Shoppers in Selected Countries Using Fingerprint and Facial Recognition Technology to Confirm Payments When Shopping Online, by Age Group, in %, April 2019
  • Global: Share of Adults Who Made a Biometric Payment in The Last Year, in %, by Australia, the UK and the USA, March 2018
  • Global: Share of Adults Who Believe That Biometric Payment Will Become More Commonplace in the Next 2-5 Years, in %, by Australia, the UK and the USA, March 2018
  • China: Share of Mobile Payment Users Willing to Use Biometrics for Mobile Payment Authentication, in %, 2018
  • China: Biometric Authentication Technologies Known to Mobile Payment Users, in %, 2018
  • South Korea: Top 3 Preferred Method of Authentication in Mobile Payment Services, in % of Users, 2017 & 2018
  • Europe: Share of Consumers Who Prefer Fingerprint Recognition for Authentication, Compared to One-time Passcodes, in %, June 2019
  • Germany: Payment Methods That Consumers Use Now and Expect to Be Using in Five Years’ Time, 2018
  • France: Preferred Biometric Authentication Methods in E-Commerce, in % of Online Shoppers, 2019
  • USA: Share of Adults Who Have Made a Biometric Payment, in %, by Gender and Total, March 2018
  • USA: Breakdown of Perceived Effectiveness of Emerging Technologies for Mitigating Financial Crime, in % of Professionals, September 2018

3. Voice-Activated Payments

  • Global: Overview of Voice-Activated Payments, June 2019
  • Global: Number of Digital Voice Assistants, in billion, and Voice Commerce and Payments Value, in USD billion, 2023f
  • Global: Voice Commerce Sales in the UK and the USA, in USD billion, 2017 & 2022f
  • Global: Share of Internet Users Who Believe That They Will Use Virtual Voice Assistants At Least For Some Part of Their Purchasing Journey in the Next 3 Years, April 2019
  • Global: Share of Internet Users Who Own a Voice Assistant and Used It to Make a Payment, in %, by the UK and the USA, by Age Group and Gender, January 2019
  • Global: Share of Adults Who Believe That Security Concerns Would Stop Them From Making a Payment via a Voice Assistant, in %, by the UK and the USA, January 2019
  • Global: Share of Online Shoppers Who Would Feel Comfortable Using Voice-Activated Systems to Purchase Goods or Services, by Canada, Germany, the UK and the USA, in %, April 2019
  • Global: Breakdown of Online Shoppers’ Attitudes to Payments Via Voice-Activated Technology, in %, April 2019
  • Global: Share of Online Shoppers Who Would Feel Comfortable Using Voice-Activated Systems to Purchase and Pay for Selected Categories of Products and Services, in %, April 2019
  • USA: Voice Payment Users, in millions, and Penetration, in % of Adults, 2017e-2022f

4. IoT Payments

  • Global: Overview of IoT Payments, June 2019
  • Global: IoT Payment Value, in USD billion, 2018e & 2023f
  • Global: Breakdown of IoT Payment Value by Connected Car and Connected Home Payments, in %, 2021f
  • Global: Number of Connected Car Commerce Transactions, in billions, and Value, in USD billion, 2023f
  • Global: Attitudes to IoT Payments Among Internet Users, in %, by Australia, the UK and the USA, January 2019

5. Real-Time Payments

  • Global: Overview of Real-Time Payments, June 2019
  • Global: Overview of Selected Real-Time Payment Schemes, 2018/2019
  • Global: Share of Merchants Interested in Accepting Real-Time Payments, in %, 2017 & 2018
  • Global: Attitudes of Merchants Towards Immediate Payments, in % of Respondents, 2017 & 2018
  • Global: Share of Banks, Billing Organizations and Merchants Who Believe That Real-Time Payments and Open Banking Will See The Importance of Cards Decline Over Time, in %, 2018
  • Europe: Breakdown of E-Commerce Spending in the EU by Payment Methods Considering PSD2 and Instant Payment Introduction, in %, 2012, 2017e, 2020f, 2022f, 2027f

6. Cryptocurrency Payments

  • Global: Overview of Cryptocurrency Payments, June 2019
  • Global: Top 10 Cryptocurrencies by Market Capitalization, in USD billion, incl. Price, in USD, July 2019
  • Global: Breakdown of Bitcoin Activity by Category, in %, 2017-2018 & January-April 2019
  • Global: Monthly Value of Bitcoin Payments Sent to Merchant, in USD million, January 2017 – May 2019
  • Global: Share of Internet Users Who Own Cryptocurrency, in %, by Region, Q2 2018
  • Global: Share of Online Shoppers Who Have Used Cryptocurrency to Pay Online, in %, 2018

 

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  • Alibaba Group
  • Alphabet Inc.
  • Amazon.com Inc
  • Ant financial services
  • Apple Inc
  • Banco Bilbao Vizcaya Argentaria SA
  • BitPay Inc
  • Facebook Inc
  • MasterCard Inc.
  • Paypal Inc
  • Samsung Inc.
  • Stripe Inc.
  • Visa Inc.
Read More

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