1、Paymentsgets personalHow to remain relevant as consumers seek controlIn the aftermath of the COVID-19 crisis,the tempo of change in consumer behaviors and expectations has hastened.Geopolitical shifts,accelerating digitalization and significant economic turbulence are reshaping how people pay and mo

2、ve their money.At the same time,the friction-free experiences offered by social and e-commerce platforms are setting new benchmarks for consumer payments.With economic volatility growing,consumers are seeking more control over their payments choices.As payments methods continue to evolve,consumers w

3、ant to pay anywhere,anytime,anyhow.However,the payments landscape is becoming increasingly complex and fragmented with innovative digital payment providers taking a much larger share of wallet at the expense of traditional providers.Our new report identifies ways leading banks and payments players c

4、an increase their relevance in the consumer transaction journey and capitalize on future innovations.Staying ahead in an increasingly complex game2Payments Gets Personal|IntroductionNext-generation consumer payments have been growing at a rapid rate dueto changes in consumer behavior,advances in tec

5、hnology and regulation,and the entry of innovative new players into the payments space.Rising inflation and higher interest rates are also changing the dynamics of the market as consumers look to reduce costs.An Accenture survey of 16,000 customers in 13 countries spanning Asia,Europe,Latin America

6、and North America found that more than half of all consumers have adopted digital payment methods such as digital wallets,many of which displace banks brands from the customer experience.Traditional payments methods still dominate most markets,but next-gen alternatives are rapidly gaining share.Our

7、survey found that consumers are frustrated with current in-person and online payment options.Slow transactions,failed payments and a lack of merchant support for their preferred payments options Executive summary:Capitalize on consumer demand for trusted,friction-free experiencesare among their bigg

8、est frustrations.Payments providers need to offer frictionless experiences or risk losing customers to players that offer more flexibility,speed and ease of use.Furthermore,while consumers trust their banks more than other payments players,they are open to novel ways to pay.Indeed,a third of consume

9、rs that use credit cards as their primary payment method for in-person shopping are considering or are willing to switch to alternative payment methods.Half of them plan to switch to non-interest-charging methods as they seek to reduce debt interest.An Accenture analysis suggests that card-issuing b

10、anks that take a timid approach to payments innovation could lose out on 4.6%of total global card and online payments revenues,or$89 billion,in the next three years.Conversely,banks that rethink their strategies and capitalize on consumers trust in their stability and security could expand revenues

11、and market share.Payments leaders can get an edge by supporting their customers desire for more control and less friction in their payments experiences.They have an opportunity to position their brands front-and-center in payments once again.In addition,these players can maximize payments liquidity

12、and transaction volumes to ensure growth and profitability in a higher interest rate environment.Leading banks will not only enhance their relevance and drive revenues from new products,but also create opportunities to offer value-added services and revenues that cement customer trust and drive high

13、er levels of engagement.New market entrants such as fintechs and bigtechs,too,can unlock opportunities to drive revenue growth and closer customer relationships through frictionless payments.3Payments Gets Personal|Executive SummaryThe future is digital,even for face-to-face payments4Payments Gets P

14、ersonalTraditional payments methods still dominate the consumer payments landscape,with our survey showing high usage of cash,debit and credit cards.However,next-generation offerings such as digital wallets,account-to-account(A2A)and buy now,pay later(BNPL)are rapidly gaining shareand more disruptio

15、n is incoming from biometrics,machine-to-machine and metaverse payments.Next-gen payment methods are gaining shareFigure 1.The payments landscape yesterday,today and tomorrow.When we asked consumers which next-generation payments they use at least five times a month,we found that 56%use digital wall

16、ets,10%use A2A payment apps and 6%use BNPL.Many of these and other innovations were created by new market entrants such as fintechs and bigtechs in response to emerging and unmet consumer demands.Incumbents thus face both a rising threat and a budding opportunity.Cash,Card,Check,E-commerce,Digital w

17、allet,Account-to-Account,BNPL,Crypto,Biometric,Machine-to-Machine,MetaverseCash,Card,Check,E-commerce,Digital wallet,Account-to-Account,BNPL,CryptoFuturePresentPastCash,Card,Check5Payments Gets Personal|The future is digital,even for face-to-face paymentsFigure 2.Cash is still dominant,but digital w

18、allet adoption is soaring.Q:Which of the following payment methods do you use at least 5 times per month?Source:Accenture Payments Survey,2022 A2A appsDebit cardCashDirect debitBank transferDigital walletCredit cardBNPLAsia-PacificEuropeNorth AmericaLatin AmericaGlobal:66%64%56%48%22%20%10%6%43%41%4

19、5%22%68%59%63%77%6%53%65%62%60%31%72%54%76%12%59%64%13%26%28%10%17%9%5%35%8%4%6%1%6Payments Gets Personal|The future is digital,even for face-to-face paymentsAdoption of next-generation payment methods varies by region due to regulation and competition.Asia-Pacific and Latin America are early adopte

20、rs,while North American and European consumers prefer cash,card and bank transfers.Figure 3.Next-generation payment method adoption by region.NorthAmericaLatinAmericaUsage of Next-Generation Payment MethodsAsia-PacificEuropeHighHighLowNote:Circle size reflects GDPUsage of Traditional Payment Methods

21、Source:Accenture Payments Survey,2022;The World Bank,20227Payments Gets Personal|The future is digital,even for face-to-face paymentsMacroeconomic conditions,especially inflation and rising interest rates,play a significant role in consumer payments preference.Nearly a third(31%)of respondents who u

22、se credit cards as their primary payments method for in-person shopping are considering switching to other payment methods.Half of these are looking to reduce their interest expenses by choosing debit card,cash,BNPL or prepaid card.The other half are planning to switch because they prefer the conven

23、ience or control of banking apps,digital wallets or A2A apps for payments.Figure 4.Credit card users switching in-person payment method due to inflation and rising rates.Q:Would a significant increase in the cost of living cause you to switch to another payment method for in-person shopping?If so,wh

24、at would be your preferred method?Not switching,69%Switching to other payment method,31%21%Debit card17%Cash12%BNPL4%Prepaid card9%A2A apps9%Bank transfer11%Banking app9%Digital wallet4%Check4%CryptoPreferred alternative payment methodsConsumers who prefer credit cards when shopping in-personSource:

25、2022 Accenture Global Consumer Payments SurveyMethods that reduce interestMethods that reduce interest and offer convenience and controlMethods that offer convenience and control8Payments Gets Personal|The future is digital,even for face-to-face paymentsThe channel and size of the transaction influe

26、nce how consumers choose to payOur survey found that next-generation payments have taken off in the online world20%of respondents use one or more next-gen methods for e-commerce,especially for small purchases.But a similar trend is affecting the real world9%of consumers use these methods as their pr

27、imary way to pay for face-to-face transactions.This number is expected to double in the next three years.In most territories,consumers tend to prefer to use cash and debit cards for smaller in-person purchases such as groceries,clothes and transportation.A higher percentage of consumers in Asia-Paci

28、fic use digital wallets for small purchases than in the other regions.For larger face-to-face purchases such as appliances and travel,consumers tend to use cards,especially credit cards.Next-gen payment methods are widely used for online purchases,especially for small-ticket items in Europe and Asia

29、-Pacific.But cards are still preferred by the majority of consumers in the US.Figure 5.Next-gen payments as the primary in-person method are likely to grow in three years.Q:Do you currently prefer to use traditional or next-generation payment methods?Which do you expect to be using in three years ti

30、me?91%9%80%20%Next-genMethodsTraditional MethodsBy 2025TodayNote:Traditional payment methods include cash,cards,check and bank transfers,while next-generation payment methods include digital wallets,account-to-account payments,BNPL and crypto payments.Source:2022 Accenture Global Consumer Payments S

31、urvey9Payments Gets Personal|The future is digital,even for face-to-face paymentsFigure 6.Top primary payment methods for small-ticket items.1%A2Aapps1%Digitalwallet16%Creditcard28%Debitcard46%Cash6%Other8%Digitalwallet16%Debitcard22%Directdebit28%Creditcard18%Banktransfer4%Other3%A2Aapps27%Creditca

32、rd32%Cash33%Debitcard4%Other1%A2Aapps2%Digitalwallet3%Other7%Banktransfer9%Digitalwallet23%Debitcard24%Directdebit32%Creditcard1%A2Aapps17%Creditcard34%Debitcard38%Cash5%Other2%A2Aapps4%Digitalwallet2%A2Aapps11%Banktransfer23%Creditcard8%Other16%Digitalwallet25%Debitcard15%Directdebit2%A2Aapps21%Deb

33、itcard36%Cash11%Other18%Digitalwallet12%Creditcard4%A2Aapps15%Creditcard23%Directdebit6%Other17%Banktransfer22%Digitalwallet14%DebitcardEuropeAsia-PacificNorthAmericaLatinAmericaIn-personOnlineNote:Other includes checks,cryptocurrency,pre-paid vouchers,banks apps,bank transfers and buy now,pay now.S

34、ource:Accenture Payments Survey,2022 For small-ticket in-person purchases,cash and debit cards are used in most regions,while Asia-Pacific has a higher usage of digital wallets(18%).Next-gen payments are widely used across most regions for small online purchases,especially in Europe and Asia-Pacific

35、,where digital wallets account for 16%and 22%respectively.10Payments Gets Personal|The future is digital,even for face-to-face paymentsFigure 7.Top primary payment methods for big-ticket items.Note:Other includes checks,cryptocurrency,pre-paid vouchers,banks apps,bank transfers and buy now,pay now.S

36、ource:Accenture Payments Survey,2022 1%A2Aapps2%Digitalwallet25%Debitcard12%Cash8%Other52%Creditcard11%Debitcard15%Directdebit50%Creditcard11%Banktransfer3%A2Aapps5%Digitalwallet5%Other1%A2Aapps2%Digitalwallet28%Debitcard8%Other55%Creditcard5%Cash1%A2A apps5%Banktransfer6%Digitalwallet18%Directdebit

37、45%Creditcard5%Other20%Debitcard34%Creditcard39%Debitcard14%Other2%A2Aapps3%Digitalwallet7%Cash2%A2Aapps12%Banktransfer12%Digitalwallet14%Directdebit22%Debitcard28%Creditcard10%Other28%Creditcard28%Debitcard22%Other11%Digitalwallet8%Cash2%A2Aapps4%A2Aapps12%Banktransfer13%Digitalwallet19%Debitcard19

38、%Directdebit25%Creditcard8%OtherEuropeAsia-PacificNorthAmericaLatinAmericaIn-personOnlineFor face-to-face purchases of larger products and services(appliances,travel,home repair etc.)we found that cash is replaced by cards,especially credit cardswhich are preferred by 55%of US consumers.Consumers ac

39、ross all regions have a higher preference for using traditional cards for larger online transactions.11Payments Gets Personal|The future is digital,even for face-to-face paymentsSince theyre often used to digitize a consumers existing debit or credit card,digital wallets straddle the worlds of tradi

40、tional and online payments.Three out of four(75%)digital wallets are linked to a credit or debit card and use traditional card rails rather than replacing them.The introduction of a convenient next-generation experience on top of a card which the customer already owns has helped to drive significant

41、 adoption.Consumers who participated in our survey are already making more use of digital wallets than credit cards.More than half(56%)of respondents use digital wallets more than five times a month to transact,compared to 48%who use their credit cards that often.Most(60%)consumers who use digital w

42、allets use more than one,due to individual use cases offered by wallet providers.Wallets from major retailers or hospitality brands,for example,offer perks such as loyalty rewards and may only be used to purchase products and services from those brands.Wallets such as PayPal,Apple Pay and Google Pay

43、 can be used at a far wider range of merchants.Much of the innovation in digital wallets has been driven by non-banks,such as the bigtechs.Digital wallets:the most popular next-generation payments optionWhat is a digital wallet?A digital wallet is an application that allows you to pay from a mobile

44、device so that you dont need to carry your cards around with you.It securely stores your payment information and passwords.You enter and store your credit card,debit card,or bank account information on your phone or tablet.You can then use your device to pay.Digital wallets require you to connect to

45、 a debit or credit card or to top up your account with funds.You authenticate payments using biometrics,a passcode or a one-time PIN.12Payments Gets Personal|The future is digital,even for face-to-face paymentsThe pioneers in digital wallets are continuing to innovate,adding new products and valued

46、services to their wallets in an effort to grow their share of their customers spend.Apple,for instance,has added a digital card to Apple Pay.Apple Pay is also a contender in the BNPL market and has rolled out tap-to-pay features to compete with other contactless payment providers.Major digital walle

47、t players are continuously expanding their solutions to be more competitive.PayPal,for example,has come to market with a BNPL solution.In the third quarter of 2022,it processed nearly$5 billion in BNPL volume,up 157%from the prior year.1Fintechs like Revolut are also driving innovation.Revolut offer

48、s a single app that enables users to exchange currencies,send money through social networks and spend with a multi-currency card everywhere Mastercard is accepted.The early movers managed to secure a strong foothold in the markets they targeted(Figure 8).Except for PayPal,few players have establishe

49、d themselves as major contenders in more than one or two markets.Today,PayPal is used by 60%of respondents in Germany,51%in Mexico and 42%in Australia.13Payments Gets Personal|The future is digital,even for face-to-face paymentsCanadaPayPal 28%,Apple Pay 13%,Interac Online 10%USAPayPal 35%,Apple Pay

50、 12%,Venmo 11%MexicoPayPal 51%,Mercado 22%,Google Pay 8%BrazilPIX 69%,PayPal 36%,PicPay 22%SpainPayPal 41%,Bizum 28%,Google Pay 10%IndiaGoogle Pay 71%,Amazon Pay 48%,PayPal 30%ItalyPayPal 50%,Apple Pay 6%,Google Pay 6%FrancePayPal 39%,Apple Pay 9%,Google Pay 4%AustraliaPayPal 42%,Apple Pay 13%,After

51、Pay 12%ChinaWeChat Pay 82%,Alipay 79%,PayPal 6%SwedenSwish 51%,PayPal 27%,Klarna 23%GermanyPayPal 60%,Klarna 16%,Apple Pay 7%UKPayPal 46%,Apple Pay 17%,Google Pay 10%Figure 8.The share of consumers who use the top three next-generation payment methods in each market at least five times a month.Bigte

52、chs and fintechs have edged ahead in digital walletsSource:2022 Accenture Global Consumer Payments Survey14Payments Gets Personal|The future is digital,even for face-to-face paymentsOur survey reveals that A2A adoption is rapidly ramping up,with 10%of all respondents using the method at least five t

53、imes a month.A2A payments are lightly regulated or unregulated in many markets.This means there is a higher risk of fraud than with traditional payments.Despite high-profile social engineering and phishing scams on A2A services,consumers are willing to take the risk because A2A payments are fast and

54、 convenient.From a merchant perspective,A2A transaction fees are lower than those of cards.A trend to watch for is A2A enabling underbanked nations to improve financial inclusion,leapfrog cards and move directly to digital wallets for the mass market.Consider the high levels of A2A usage in Latin Am

55、erica,where cash was traditionally king because of the high costs associated with cards and alternative payment methods.What is A2A?Account-to-account payment involves moving money directly from one account to another without the need for additional intermediaries or payment instruments such as card

56、s.Account-to-account(A2A):An emerging alternative to card paymentsIn 2020 the Central Bank of Brazil launched an A2A payments system called PIX.2 Merchant transaction fees for PIX are only 0.22%compared to 1%for debit cards and 2.2%for credit cards.Two years later,69%of Brazilians report that they u

57、se PIX at least five times a month.Nations where A2A adoption could follow a similar trajectory include India and Mexico.Figure 9.The share of consumers in each market who use account-to-account payment at least five times a month.6%12%35%5%Asia-PacificEuropeNorth AmericaLatin AmericaGlobal:10%Sourc

58、e:Accenture Payments Survey,2022 15Payments Gets Personal|The future is digital,even for face-to-face paymentsBuy now,pay later is the digital evolution of the installment and layby payments options that some retailers have offered for years.BNPL has high consumer appeal because it helps people stre

59、tch their budgets and shields them from interest payments.Our survey respondents said they would double their usage of BNPL for online shopping in the next three years.Some 40%of respondents said they would be more willing to adopt BNPL if it was provided by their primary bank.In response to demand,

60、incumbents like JPMorgan Chase3 in the US and TD Bank in Canada4 are dipping their toes in the water.Banks tend to charge interest on their BNPL offerings,albeit at a lower rate than on their credit cards.But banks entrance into BNPL could bring more stability to a sector that is mostly unregulated.

61、By applying robust vetting and credit scoring criteria,banks can help prevent consumers from overextending themselves.For banks,BNPL embedded into cards or as a standalone product represents an opportunity to promote financial wellbeing and help their customers optimize their finances via responsibl

62、e lending.With consumers looking to reduce interest payments at this time of rising inflation and interest rates,BNPL could be a compelling way for banks to expand their product set.of consumers already use BNPL at least 5 times a monthof current BNPL users think it could replace their credit cards5

63、of consumers would be more willingto use BNPL if provided by their primary bankResponsible BNPL:Bringing robust vetting to an unregulated segmentWhat is BNPL?Buy now,pay later is a short-term financing option that offers consumers the credit they need,often at the online or physical point of sale,to

64、 make purchases without immediate payment.The credit is usually repaid in interest-free installments,with fees incurred only if the repayment is late.6%62%40%Source:2022 Accenture Global Consumer Payments Survey16Payments Gets Personal|The future is digital,even for face-to-face paymentsMost consume

65、rs still use traditional options such as bank transfers (45%)and traditional money remittance providers(33%)for cross-border payments.However,they are increasingly willing to consider alternatives that are faster,easier,more convenient,and more affordablefor example,money remittance mobile apps(used

66、 by 10%of our survey respondents)or fintech-provided peer-to-peer apps(10%).In some growth markets like Brazil,we see higher adoption of fintech peer-to-peer apps,with 29%of consumers preferring this method compared to the 36%who favor traditional bank transfers.These solutions offer a lifeline to u

67、nbanked populations in growth markets who traditionally use cash to send money abroad.For many banks,remittances are an unprofitable sector due to small volumes;in some countries,banks have exited the space.For consumers in emerging markets,fintech applications are faster and more affordable.They al

68、so offer people in remote areas a financial service they may not otherwise be able to access.Among our respondents,one in five claim to own cryptocurrencies.Consumers bought crypto for several reasons:as a long-term investment,out of curiosity or for speculation.However,17%bought them to have access

69、 to an alternative payment method,and 12%claim they use it for cross-border payments.Consumers are considering alternatives for cross-border paymentsFigure 10.Reasons most likely to persuade consumers to switch to a next-gen cross-border payments option.Q:Which of the following factors would convinc

70、e you to change the method you use for cross-border payments?19%18%16%15%15%One click in a mobile wallet without involving a third-party providerMore affordable/favorable exchange rateMore convenient for the receiver to get the fundsMy bank recommends an alternative methodThe alternative method clea

71、rs in real-timeSource:Accenture Payments Survey,2022 17Payments Gets Personal|The future is digital,even for face-to-face paymentsThe recent volatility in cryptocurrencies could slow down their adoption,at least until the market becomes more regulated.Central bank digital currencies(CBDCs)could even

72、tually emerge as an alternative,but large-scale deployment is years away.According to data from the Atlantic Council,105 countries,representing over 95%of global GDP,are exploring a CBDC and 10 countries have fully launched a digital currency.6 Yet a lack of standardization and the complexity of har

73、monizing regulations across jurisdictions may impede usage of CBDCs for cross-border transactions.Figure 11.The reasons why consumers bought cryptocurrencies.Q:Why did you decide to purchase crypto currency?What are the different types of digital currencies?A cryptocurrency is a token on a distribut

74、ed consensus ledger that represents a medium of exchange and a unit of account.It can be obtained,stored,accessed and transacted electronically,facilitating peer-to-peer transactions without going through an intermediary.A stablecoin is cryptocurrency designed to have a relatively stable price,typic

75、ally through being pegged to a commodity or currency.A central bank digital currency(CBDC)is the digital form of a countrys fiat currency.28%As a long-term investment22%21%Out of curiosityTo have access to alternative payment methods17%12%Use for cross-border paymentsFor short-term speculation/tradi

76、ng purposesSource:2022 Accenture Global Consumer Payments Survey18Payments Gets Personal|The future is digital,even for face-to-face paymentsEven when consumers are paying in-person,payments are increasingly becoming a fully digital experience,with new technologies such as biometrics and machine-to-

77、machine payments removing even more friction.While still in its infancy as a transactional channel,the metaverse could also create new opportunities and bring disruption to the payments ecosystem.Among our respondents,42%agreed biometrics will be widely used by 2025 and 9%said they would be willing

78、to use it as their primary method of in-person payment by 2025 if it were available.We estimate this could represent$5.2 trillion in transaction value.Trailblazers such as Amazon,with its palm recognition payments solution,are already preparing for this future.7Machine-to-machine(M2M)payments are au

79、tomated,real-time payments between connected devices such as digital wallets,smart home devices or autonomous vehicles that require minimal or no human intervention.An example is a connected car paying for gas,battery charging,or parking from a digital wallet,without the driver getting out to presen

80、t a card.The future is even more seamless,but control remains important19Payments Gets Personal|The future is digital,even for face-to-face payments“Id like to see a feature that makes it a little easier for me to access my digital wallet.Being able to just use my face or fingerprint recognition wou

81、ld be great.”Amy,38,Tucson,USIn fact,many consumers are already making small automated purchases,such as paying tolls with a transponder fitted to their car.Among our respondents,42%said they would use M2M payment for low value transactions,but they still want control over their transactions.Some 58

82、%are afraid of losing track of their payments if automated machines pay on their behalf.Metathe owner of WhatsApp,Instagram and Facebookhas led investment into the metaverse.The company recently revamped and rebranded Meta Pay,a possible first step toward creating a digital wallet for the metaverse.

83、8 We found that 58%of consumers are afraid to transact in the metaverse as they dont trust the payment providers.But 50%would be more comfortable transacting in the metaverse if their primary bank facilitated the transaction.of respondents would use machine-to-machine payments for low value purchase

84、sare afraid of losing track of payments if automated machines pay on their behalf42%58%Source:2022 Accenture Global Consumer Payments Survey20Payments Gets Personal|The future is digital,even for face-to-face paymentsTurning disruption into opportunity for growth21Payments gets personalBased on the

85、trends we uncovered in the survey and an analysis of global payments revenues,Accenture believes there is significant revenue at risk for banks that are slow on the uptake when it comes to investing in next-generation payments options.Our analysis suggests that disruptions in payments mean that 4.6%

86、($89 billion)of banks payment revenues between 2022 and 2025 are at risk.Revenues are at risk as competitionheats up and consumer behaviors evolveFigure 12.Payments revenues at risk of disruption.North America accounts for$34 billion of the total revenue at stake,followed by Asia-Pacific($24 billion

87、)and Latin America($25 billion).In Europe,where more than 55%of consumers do not make regular use of credit cards,only$4 billion is at risk.Revenue at risk due to consumers switching to alternative payment methods.Revenues include interchange fee from card transactions,interest income from credit ca

88、rds and fees attributable to banks from alternative payments.Assumptions for scenarios based on Accenture Global Consumer Payments Survey 2022.Revenue($bn)$89bn2022202320242025750700500550600650Disruptive scenarioBaseline scenarioSource:Accenture analysis based on GlobalData 22Payments Gets Personal

89、|Turning disruption into opportunity for growthIn a time of economic volatility and evolving customer expectations,banks have an ace in the hole:consumers trust traditional financial institutions more than they do bigtechs,fintechs and other next-generation players.Battered by the COVID-19 crisis an

90、d facing rampant inflation,consumers are gravitating towards financial brands that project stability and security.Consumers have faith that banks are not only financially stable,but also that they can be trusted to offer a secure environment for transactions.They are confident that regulators will s

91、tep in when fraud or bankruptcies arise.By contrast,consumers confidence in next-generation payments providers and newer instruments such as cryptocurrencies has been shaken by high-profile incidents of fraud and mismanagement.Trust is an advantage for banksbut its not enough23Payments Gets Personal

92、|Turning disruption into opportunity for growthOur research indicates 84%of consumers trust their bank,compared to just 31%who trust BNPL providers.Because they trust banks to secure payments,more than a third(38%)would be willing to use next-generation payments instruments such as BNPL and crypto i

93、f provided by their main bank.This offers banks an opportunity to step in with solutions that level the playing field with new entrants.Figure 13.Banks are trusted to offer secure payments.Percentage of consumers who trust organizations to provide a secure environment for payments and purchasing.Tha

94、t said,banks cannot count on trust alone as a competitive edge that will last forever.While consumers have less trust in next-gen payment solutions and providers,they are still willing to try alternatives to their banks traditional offerings.This is especially true when they are frustrated with thei

95、r banks payments experience or if they have needs that the bank is not addressing.Source:Accenture Payments Survey,2022 Asia-PacificEuropeNorth AmericaLatin America35%81%My primary bankCard networksA2A transfer appsBNPL providersBigtech21%Crypto wallets70%87%85%85%14%77%33%67%74%80%63%18%55%73%74%28

96、%41%63%31%50%44%Global:84%74%64%47%31%23%24Payments Gets Personal|Turning disruption into opportunity for growthOur survey reveals that consumers are frustrated with current in-person and online payment options.Slow transactions,failed payments and a lack of merchant support for their preferred paym

97、ents options are among the biggest frustrations consumers reported in our survey.Banks need to offer frictionless experiences or risk losing customers to players that offer more flexibility,speed and ease of use.It is not surprising that the key drivers for adoption of next-gen payment methods are s

98、olutions that address the frustrations.Consumers want friction-free experiences,but control matters tooFigure 14.Consumer payments frustrations.Q:What are your greatest frustrations with current payment methods?19%13%11%7%6%Slow payment experienceIts cumbersome to purchase online with my current cre

99、dit cardMerchants dont allow me or lack the infrastructure for me to pay using my preferred methodCant link my card to my digital walletPayment gets declinedor tap to pay is not functionalSpeedControlFrictionFintechs are identifying new areas of consumer friction and delivering innovative solutions.

100、In a landscape characterized by rapid technology evolution and economic uncertainty,consumer needs are evolving fast.Agile fintechs are already responding to emerging consumer needs.Our survey found that 39%of respondents would like to get paid as they work(earn asyou work)each day rather than weekl

101、y or monthly.Fintechs like GajiGesa9 in Indonesia and Symmetrical.ai10 in Poland already offer solutions that allow employees to get their salary on demand earlier rather than on the date of the scheduled money transfer.Collaboration with these fintechs could enable banks to stay ahead of the curve.

102、Source:2022 Accenture Global Consumer Payments Survey25Payments Gets Personal|Turning disruption into opportunity for growthConsumers are eager to adopt streamlined solutions that offer flexibility,speed,and ease of use,without sacrificing security.According to the survey,security is a key advantage

103、 of digital wallets.Consumers also appreciate Figure 15.The attributes of digital wallets which consumers value most.“Ive stopped using my debit card as much and Im using cash just to be able to budget easier,feel more in control,less tempted to overspend.I can only spend whats in my purse,so I dont

104、 go looking around for little extra treats to give myself.”Lyndsey,44,Rochdale,UK.seamless money transfers and tap to pay.They dont just want payments to be easythey want options that help them to control their budgets and manage their financial wellness.Source:2022 Accenture Global Consumer Payment

105、s Survey48%59%49%66%36%24%35%21%16%17%16%13%SecurityConvenienceSpeedNorth AmericaEuropeAsia-PacificLatin America26Payments Gets Personal|Turning disruption into opportunity for growthOne way that banks could address consumers demand for solutions that help them control their payments and financial l

106、ives is by developing super-apps.Our research finds there is a growing segment of consumers ready to embrace apps that offer full visibility of payments together with disparate financial products like savings,cashback,rewards,investments,and wealth management.Today,there are only a handful of true s

107、uper-appssuch as Line in Japanmost of them in Asia-Pacific.But our research suggests that the time for super-apps may finally be at hand in other markets,too.Furthermore,we are seeing players as disparate as PayPal,Revolut and even Twitter move towards becoming super-apps.Is the super-apps time at h

108、and?Indias Paytm11 and PhonePe12 offer not only payments options and financial products(insurance,equity trading)but also train tickets and cinema bookings.Paytm already has 300 million users in India and aims to deliver financial inclusion to 500 million consumers,in a country where 13%of the adult

109、 population is unbanked13.What is a super-app?A super-app is a mobile or web application that can provide multiple services including payment and financial transaction processing.It is a self-contained commerce and communication online platform that embraces many aspects of personal and commercial l

110、ife including activities such as travel,entertainment,traffic updates,personal services from providers such as doctors,and more.27Payments Gets Personal|Turning disruption into opportunity for growthNot all consumers will seek the same journey.Some are likely to desire payments options that are simp

111、ly fast,convenient,secure and easy to understand.Furthermore,56%of users want the convenience of a single app for all payments,and 60%want a single app which tracks payments from multiple payment providers,giving them greater transparency and control.Others yet might be interested in apps that combi

112、ne financial and lifestyle options in one place.From the consumers perspective,ease of transacting is the most important feature in a super-app,followed by control and convenience.Many consumers value having transparency of their purchases and the ability to consolidate shopping and reward programs

113、in a single app.There will be nuances in in super-app adoption between different customer segments and markets.But our survey shows that banks are well positioned to capitalize on consumer trust to offer super-apps.Among respondents,43%said they trust that their banks app is secure and would be happ

114、y to use it for as many everyday life activities as possible.of users want the convenience of a single app for all paymentswant a single app which tracks payments from multiple payment providers,giving them greater transparency and control56%60%Avo super-app drives consumer engagement for NedbankAvo

115、 from Nedbank in South Africa is a super-app that aggregates services and goods from a variety of providers.The app started out as a platform to buy groceries,order a meal,or access services like plumbing.It has since expanded into offerings such as Avo Autoan end-to-end virtual vehicle mall.14 Avo

116、has grown to 1.5 million users and 21,000 merchants since it was launched in 2020.Source:2022 Accenture Global Consumer Payments Survey28Payments Gets Personal|Turning disruption into opportunity for growthFigure 16.Features that would encourage consumers to adopt super apps.Q:Which attributes would

117、 be most likely to persuade you to use a super-app?“I would love to have a digital wallet able to link to a stores loyalty system and process all your payments in one place.”Shivanjani,36,Brisbane,AustraliaSource:2022 Accenture Global Consumer Payments Survey40%33%29%34%38%31%31%31%18%26%22%15%4%10%

118、18%19%Lifestyle featuresControl/ConvenienceOtherEase of transactingNorth AmericaEuropeAsia-PacificLatin America29Payments Gets Personal|Turning disruption into opportunity for growthTaking the painout of payments:four strategiesfor banks30Payments Gets PersonalMaking it safe and easy to pay anywhere

119、,anytime,anyhowConsumers are re-evaluating how they pay in a time of rising inflation and interest rates,but secure and frictionless experiences matter more than ever to them.Banks can increase their consumer relevance,defend wallet share and drive revenue growth with next-generation payments that m

120、ake it safe and easy to pay anywhere,anytime,anyhow.PayPal and Apple Pay are examples of digital wallets that have driven above-average adoption and usage by offering a smooth user experience.Amazon Go offers an example of a next-generation payments experience that makes payments even more seamless.

121、15 Customers at an Amazon Go store never need to wait in line.They simply enter the store,take the products they want to buy,and leave.The customers Amazon Go Android app is linked to their Amazon account for billing.After they leave the store,their receipt is available and they are charged using th

122、eir preferred payment method.Purchase,checkout,and payment at Amazon Go stores are fully automated using technologies such as computer vision,deep learning algorithms,and sensors.Successful players will tailor their strategies to the competition,regulation and evolving consumer behaviors in their ma

123、rkets.While simplicity and convenience are key,security and reliability are also essentialeven a few hours of downtime can create chaos for retailers,service providers and customers alike.So too is speedconsumers are more insistent than ever that payments are effected in as near to real-time as poss

124、ible.This places a liquidity burden on financial institutions,which is a more important issue now that global markets are facing a rising interest rate cycle.The growth of digital transactions increases the potential for fraudulent transactions and technology failures.Protecting payments systems fro

125、m these threats should be a core focus for both banks and non-bank players.31Payments Gets Personal|Taking the pain out of payments:four strategies for banks1.Partner to scalePlayers following this strategy will scale quickly to ensure rapid adoption of their next-generation payments solutions.Simpl

126、e customer journeys and the right partners are the keys to success.Banks in many markets have defended core payments revenues by collaborating with each other to lock out new entrants.In the US,for example,Bank of America,Truist,Capital One,JPMorgan Chase,PNC Bank,U.S.Bank,and Wells Fargo launched t

127、he Zelle peer-to-peer money transfer app in 2017.Since then,more than five billion transactions and nearly$1.5 trillion have moved across the network.16 Banks in Poland built the Blik national A2A payments system to avoid losing market share to non-banks.17Building on their Apple Card partnership,Go

128、ldman Sachs and Apple are introducing high yield savings accounts for Apple Card holders.Under the agreement,Goldman Sachs will administer the zero-fee,FDIC-insured accounts.18 This partnership has the potential to bring new customers to the bank and provide a significant platform to scale other pro

129、ducts in future.To achieve seamless payments experiences,banks can choose to pursue one or more of the following strategies:Banks that choose this strategy will focus on increasing customer intimacy through deep insight into customers behaviors and needs.Most banks are already offering banking apps

130、and digital wallets to replace physical branch interactions and digitize payments.While these applications are limited in functionality,usage is high,and customers trust the apps.Banks can invest in artificial intelligence(AI)and the cloud to contain costs and streamline the experience.Wise is a fin

131、tech with a vision of making international money transfers cheap,fair,and simple.Today it stays true to its core strategy of international payments but has laser focus on reducing friction and cost for its customers.It added an international debit card to its product portfolio to better serve travel

132、lers shopping abroad.It serves 13 million customers and move more than$10 billion per month,saving customers$3 million a day compared to traditional international payment services.192.Simplicity and speed32Payments Gets Personal|Taking the pain out of payments:four strategies for banksBanks can diff

133、erentiate their payments brands by focusing on customer or product niches.Deep understanding of customer requirements and the right partnerships are essential.Minna Bank,Japans first digital bank,launched an innovative banking and payments app which saw more than 1.6 million downloads in the past 18

134、 months.Key to its success is its core customer-centric strategy and a commitment to developing services from the customers perspective.203.Niche focus4.Beyond paymentsBanks can go beyond payments with online marketplaces or super-apps.Such a strategy can position them in the center of consumers dig

135、ital lives.They will need to use dynamic data to understand and respond to consumers requirements,and are likely to partner with other companies in the ecosystem to identify and resolve customers unmet needs.Players such as PayPal illustrate how such a strategy succeeds when banks invest in core tec

136、hnologies such as cloud and AI to enable easier partner integration and speed to market.Part of PayPals success lies in its ability to partner at scale with players like banks,commerce platforms and other fintechs.21These partners give PayPal access to incredible skills,technology and market entry a

137、ssets,which it leverages to reduce friction and expand its product portfolio.Singapores DBS,meanwhile,collaborates with start-ups through a marketplace enabled by application programming interfaces(APIs).Its open banking marketplace curates a range of experiences from partners in health,cars,educati

138、on,travel,property and more.2233Payments Gets Personal|Taking the pain out of payments:four strategies for banksFigure 17.Four potential strategies for banks aiming to grow their payments revenues.Sources:Accenture Research Analysis 1.Partner to scale2.Simplicity and speed3.Beyond payments Super-app

139、continued innovation Dynamic datacontinuous customer monitoring and product integration Pro-active new product identification/solving unmet needs Ecosystem collaboration is key to success,always enhancing product value Technology priorities e.g.cloud,AI to enhance agility and speed to market Custome

140、r journey front and centera differentiator Select product sets are key,while choosing partners to scale quickly Data intimacybetter understanding of customer requirements is key to success Differentiate payment productselect partners to enhance solutions and focus on unmet needs Speed and convenienc

141、e are key differentiators Cost containment is key to competitiveness4.Niche focusSingle productBlikPartnerAloneNedbank AvoTypical bank payment appMinna BankWisePaytmZellePayPalDBS MarketplaceGoldman Sachs Apple CardWeChatApproachBreadth ofofferingMultiple products34Payments Gets Personal|Taking the

142、pain out of payments:four strategies for banksBanks walk a delicate line between protecting their existing interchange fees and interest income from traditional payments on the one hand,and capitalizing on revenues from new digital payments options on the other.While many banks are making investment

143、s in newer technologies,their core focus remains on protecting the integrity of their core banking systems and avoiding risk.However,as our consumer data reveals,customer behavior is evolving at a rapid pace and new competitors are appearing as quickly to meet any emerging needs that banks are unabl

144、e to address.In a recent survey,94%of banking executives agreed that peoples lives are changing faster than they can change their business.23With rising interest rates pushing up the price of money,both payment providers and consumers are impacted.Consumers are already considering switching to a dif

145、ferent primary payment method to reduce cost,while providers find it more difficult to maintain liquidity in the face of growing demands for real-time payment in a rising interest rate environment.Consumers will welcome solutions that give them more choice and control in payments,while providers sho

146、uld ensure liquidity through predictive solutions.The revenue opportunity at stake is significant,and now is the time for banks to choose a strategy that will ensure their future growth and relevance in payments.Put a stake inthe ground35Payments Gets Personal|ConclusionReferences1.PayPal Holdings(P

147、YPL)Q3 2022 Earnings Call Transcript,4 November 20222.Pix:The rapid development of instant payment in Brazil,14 April 20223.Chase moves into buy now,pay later market,17 November 20224.TD Payment Plans Give Credit Card Holders More Payment Options,14 June 20225.Study:Buy Now,Pay Later Services Grow i

148、n Popularity,18 July 20226.Central Bank Digital Currency Tracker,retrieved 8 November 20227.Amazon begins large-scale rollout of palm-print-based payments,8 October 20228.Metas rebranding of Facebook Pay to Meta Pay is rolling out globally,28 September 20229.Indonesias GajiGesa Rolls Out Its Earned

149、Wage Access Services on WhatsApp,6 October 202210.Payroll provider Symmetrical.ai nabs$18.5m to streamline employee payouts,28 April 202211.Digital payment giant Paytm could be the largest IPO in Indias tech boom,10 November 202212.PhonePe launches a new Savings Product to help Indians earn more,12

150、January 202013.RBI Report:Indias Financial Inclusion Index is 53.9 by the end of March 2021,28 August 202114.Do less.Get more with the Avo super app,10 October 202215.Amazon Go and Amazon Fresh:How the Just walk out tech works,11 March 202216.Zelle reaches five-year transactions milestone,8 Septembe

151、r 202217.BLIK in Q2 2022:nearly 300 million transactions in one quarter,significant increases in all channels,16 August 202218.Apple partners with Goldman Sachs ot introduce high-yiel savings accounts for Apple Card,13 October 202219.The Wise Story,retrieved November 202220.Accenture Minna Bank Clie

152、nt Story,November 202121.PayPal growing through partnerships,11 February 2020 22.DBS Marketplace,retrieved 12 October 2022 23.Accenture Life Centricity Playbook,August 2022 banking-specific data cutThis report draws on insights from the Accenture 2022 Global Consumer Payments study,a survey of 16,00

153、0 customers in 13 countries spanning Asia-Pacific,Europe,Latin America and North America.Fieldwork took place between 10 August and 19 September 2022.The margin of error(at the 95%confidence level)is 1%at the global level and 3.1%at the country level.We enriched these insights with a VoxPopMe-powere

154、d video survey among 60 consumers based in the UK,the US and Australia in August 2022.We used our proprietary consumer survey data and data provided by GlobalData to estimate the revenue pools for in-person card payments and total online payments.The model included the forecast and scenario analysis

155、.To estimate the total payment revenue pools for all online payments and in-person card payments,and thereby to calculate the revenue at risk for banks,we examined data provided by GlobalData and UK Finance,and taken from our proprietary global consumer survey run by Accenture Research in August 202

156、2.We included interchange fees from all card transactions,interest income from credit cards,and fees attributable to banks from alternative online payments.Using the consumer survey results and an analysis of recent payment trends,Accenture Research carried out a scenario analysis to estimate the pa

157、yment methods likely to be used,in future,by consumers in each of the 13 countries in our sample(which together represent 83%of global bank payments revenue).These estimates were extrapolated globally.The scenario analysis was based on current consumer payment preferences and expected changes in pay

158、ment flows as indicated by survey respondents.For example,we discovered that some consumers plan to switch from credit cards to debit cards,while others plan to adopt digital wallets instead of cash as their primary method of payment.Our baseline as-is scenariowhich is built on our proprietary Accen

159、ture Payments Revenue Modelwas adjusted accordingly,incorporating inflation,country-specific dynamics,and input from our global payment experts.About the research36Payments Gets PersonalAuthorsContributorsSulabh AgarwalGlobal Payments Lead,AccentureAbout AccentureAccenture is a global professional s

160、ervices company with leading capabilities in digital,cloud and security.Combining unmatched experience and specialized skills across more than 40 industries,we offer Strategy and Consulting,Technology and Operations services and Accenture Song all powered by the worlds largest network of Advanced Te

161、chnology and Intelligent Operations centers.Our 721,000 people deliver on the promise of technology and human ingenuity every day,serving clients in more than 120 countries.We embrace the power of change to create value and shared success for our clients,people,shareholders,partners and communities.

162、Visit us at .About Accenture ResearchAccenture Research creates thought leadership about the most pressing business issues organizations face.Combining innovative research techniques,such as data science led analysis,with a deep understanding of industry and technology,our team of 300 researchers in

163、 20 countries publish hundreds of reports,articles and points of view every year.Our thought-provoking research developed with world leading organizations helps our clients embrace change,create value,and deliver on the power of technology and human ingenuity.Margaret WeichertNorth America Payments

164、Lead,AccentureEdlayne BurrGrowth Markets Payments Lead,AccentureHannes FourieResearch Manager,AccentureDominika BosekAssociate Research Manager,AccentureAccenture PaymentsAccenture Banking BlogAccenture LinkedInStay ConnectedCopyright 2022 Accenture.All rights reserved.Accenture and its logo are registered trademarks of Accenture.37Payments gets personal