These are the 10 most-popular articles focusing on services and payments trends and markets that Euromonitor International published in 2017.
1. Three Payment Trends That Will Change How We Pay in 2018
Technology has reinvented commerce. It changed what consumers expect to experience in physical retail and foodservice outlets. It opened the door to new ways of engaging with brands across the path to purchase. It altered the role the payments industry plays in the transaction. Stemming from this week’s Money20/20 event, the below takes a deep dive into three of the most impactful technology-driven trends reshaping payments.
2. Digital Payments in India – Not a Distant Dream
India: a country where 97% of transactions in volume terms still happen with cash. Is such a cash-dependent economy ready for a cashless digital economy? This question was put to the test during recent demonetisation when 86% of cash currency in the country was withdrawn overnight on 8th November, 2016. Since then, consumers from various income strata, as well as large and small local vendors, quickly adapted to new and alternative payments – digital wallets, banking apps.
3. 5 Key Trends That Most Shaped Mobile Payments in 2016
In 2016, mobile-driven commerce will reach an estimated US$972.25 billion across the 46 markets where Euromonitor International conducts this digital research. Most impressively, mobile payments are expected to reach US$3 trillion by 2021. While that is a lot of money transacted across these small-screen devices, mobile-based payments will equate to only an estimated 11% of all consumer card payment volume across these markets in 2021, up from approximately 5% in 2016.
4. Amazon Expanding Co-Branded Credit Card Offerings
Internet retailing giant Amazon.com made news in January 2017 with the launch of two new co-branded credit cards. While Amazon is already a major player in both markets – with a 27% share of 2016 internet retailing value sales in the UK and a 33% share in the US – this move is an excellent step for a company which continues to push into new services and opportunities that further expand its relationship with customers.
5. Personal Credit Cards – Global Outlook
Personal credit cards are a crucial payment method for consumers. Worldwide, personal credit card transactions comprise over one-third of all non-commercial card payments and have seen strong growth in recent years. Credit cards are expected to continue to gain share over the next five years, reaping additional market share from the ongoing transition away from paper payments.
6. Three Reasons Why Japan Is Falling Behind in Mobile Commerce
Euromonitor International’s 2016 Digital Consumer Index unveiled a remarkable gap between Japan’s advanced digital environment and the slow uptake of digital commerce, particularly with mobile-based purchases that are increasing rapidly in other Asian countries. Whilst mobile digital purchases registered strong 17% value growth in Japan in 2016, other Asian countries registered even stronger growth, at a minimum of 30%.
7. How Mobile Ordering is Reinventing the Drive-Through Experience
Much of the draw of the drive-through is rooted in speed and convenience; however, recent advancements in technology have created the potential for an even faster, even more seamless drive-through transaction. Some new concepts, like California’s Starbird Chicken fast casual chicken fast food chain, have taken this idea to its logical conclusion, offering a new blueprint for the modern drive-through that does away with traditional windows and drive-through lanes entirely, relying instead on mobile technology and a retail-esque click and collect model.
8. Engage, Return and Repeat: The Subscription Economy
Euromonitor’s new strategy briefing: Engage, Return and Repeat: The Subscription Economy explores all aspects of the subscription model. The subscription economy is one of several alternative business models gaining traction across sectors. On the whole, a successful subscription service is just one aspect of a multi-channel offer. For business, the model signifies a new revenue stream, but often above that, a valuable source of data on consumers. For consumers, in its optimum guise, the subscription economy offers value and convenience, fitting with the shift in values and priorities we are seeing today in the New Consumerism.
9. Using Analytics Tools in Passport to Increase Bottom Line
Video: Jane works at a leading confectionery company and is tasked with increasing the company’s bottom line. Using Passport by Euromonitor International and its suite of Analytics tools, Jane can find an attractive market that offers a strong macro and industry forecast, relative stability in the event of economic shocks, a potential competitive opening and growing consumer segments that cater to her product.
10. PayPal and Zelle – Developments in US Peer-to-Peer Payments
Peer-to-peer payments in the US had an eventful month in June. PayPal, one of the leaders in digital payments, announced that it would begin offering instantaneous bank transfers via Visa and Mastercard debit cards. In addition, Early Warning Services unveiled its new Zelle peer-to-peer payments service, which will be supported by over 30 banks over the course of the next year. Together, these two announcements illustrate the growing importance of peer-to-peer payments to financial service providers.