This report examines how the future of globalisation, the future of work and education and future priorities and preferences have changed for the consumer finance industry. Innovation in payments are driving greater merchant acceptance and consumer use of paper payment alternatives across markets and consumer segments. The shifting retail landscape and smartphone adoption is contributing to rapid m-commerce and in-store mobile phone proximity payments.
Digital banks and widespread adoption of smartphones has made financial products and services more accessible than ever before. Record adoption has driven the increase in the banked population across the world.
M-commerce has been steadily increasing but saw greater growth during the pandemic as consumers were forced to purchase more goods online. The shift to m-commerce has given rise to a new range of digital marketplaces and payment platforms that could challenge the traditional payment players.
For in-store shopping, proximity payments became a way to reduce physical contact so was favoured by consumers. Merchants also wanting to provide a safe environment were quick to accommodate the preference and invested in technology to encourage less friction.
What consumers value was also impacted and moved consumers away from travel or experience based card rewards to more practical value based rewards. The value based promotions were often discounts at selected merchants or cash back or statement credits.
With the migration of retail online, many fintech companies have emerged to address conversion problems. This can be providing additional security, enhancing the consumer-to-merchant relationship or leveraging data about the specific customer to offer targeted rewards.
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