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.
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.
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.
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.
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