Digital Innovators: New Ways of Paying Digitally

March 2017

A great number of consumer devices, things and sensors are connecting to the internet for the first time. This connectivity is creating new opportunities for consumer brand manufacturers and merchants to capture even more consumer data, which can be used to drive demand, influence the consumer decision-making process and ultimately generate more purchases. These shifts in commerce have also led to new payment form factors. This strategy briefing explores 10 new ways of paying digitally.

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Digital commerce drives shifts in payment behaviour

Cash is no longer king on the global stage. While government initiatives to reduce cash usage played a role, greater digital connectivity has spurred card payment transactions as consumers opt to buy more online.

Digital commerce remains a small fraction of overall consumer payments

Even though digital commerce is expanding, it is worth noting that digital purchases is projected to account for less than 15% of all consumer payments in even the most tech-savvy countries such as South Korea or the UK.

More connected devices and things equates to even more opportunities for commerce

This connectivity is creating new opportunities for brand manufacturers and merchants to capture even more consumer data, which can be used to drive demand, influence consumer decision-making and ultimately generate more purchases. As a result of these shifts in commerce, the type of payment may involve a different form factor.

Introduction

Scope
Digital Innovators series assists with discovery and idea generation
Key findings

New Ways of Paying Digitally

Cash relinquishes payment crown as digital forms expand globally
However, digital commerce remains a small fraction of all payments
Connectivity gives way to new payment methods in various forms
Wearable payments move beyond smartwatches to other devices

New ways of paying digitally

Mobile wallet advances: No internet, no battery, no problem
Anything, anyone could be payment tool with embedded RFID chip
Alibaba’s Ant Financial lets virtual reality users pay with a nod
Biometric payment trials underway in Japan ahead of Olympics
Voice-enabled personal assistants emerging as a payment method
Hands-free payment could pave the way to a futuristic checkout
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