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Digital Payment Options Emerge as Top Payment Methods

More than half (57%) of consumers plan to spend most of their income online in 2024

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  • Written by  Banking Exchange staff
 
 
Digital Payment Options Emerge as Top Payment Methods

More consumers want to select their payment method, which has prompted a greater demand for a variety of digital payment options, according to Discover Global Network.

The 2024 Payment State of the Union report revealed 63% of consumers said the ability to choose a suitable payment method is the most important factor for completing a purchase transaction.

However, tap-to-pay on mobile phones has emerged as the most popular payment method, with 92% of retailers seeing it as an important sales driver for their company in the next three years.

According to the report, the demand for more tap-to-pay on mobile phone options has increased because more consumers like the simplicity of the payment method.

In addition, consumers enjoy the added security with 73% reporting they feel safe when they touch their card or mobile phone on a transaction device.

Merchants have also benefited from the increase in tap-to-pay transactions as 61% enjoy the ability to accept payments nearly anywhere and 56% reported the method enables them to deliver a more personalized sales experience.

Even though 57% of consumers across the world plan to spend the majority of their disposable income online throughout the year, in-store purchases are also on the rise again.

The report found the percentage of consumers choosing to purchase in-store increased from 39% in 2023 to 43% in 2024.

This trend is particularly pronounced in North America and EMEA as 55% of consumers in North America and 48% of consumers in EMEA plan to spend their disposable income in stores.

Rajib Gupta, vice president of international markets (EMEA) at Discover Global Network, said:  “With more consumers returning to in-store shopping, merchants have an opportunity to elevate their payment options to ensure they reflect the changing preferences of consumers."

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