Advances in technology and digitization have accelerated the switch to new opportunities among consumers. The number of people choosing to use digital payment solutions is growing worldwide. Let’s look at some stats and see who can help you with a trustworthy retail merchant services review.
Consumers Using Digital Financial Services
According to a recent report from MasterCard, over 80% of consumers in the U.S. and 90% of younger consumers are already connecting their bank accounts to technology apps. Interestingly, according to Payments.com, 44% of surveyed consumers stated their digital financial accounts weren’t highly integrated.
Open banking is already present in consumers’ everyday life in their personal financial management tools, financial accounts, and account opening. According to MasterCard, nine in 10 consumers in the U.S. and Canada rely on online and mobile financial apps for money management. When it comes to bill payments, the number is 82%, and for banking, it’s 80%.
Digitalization of Retail Financial Services: Retail Merchant Services Review
The trend toward digitalization of retail financial services has accelerated. According to MasterCard, 59% of U.S. respondents (55% in Canada) feel very confident about relying on technology to manage their finances.
FICO, one of the leading digital decision platform companies, reports that COVID-19 has accelerated the digital-first mindset in financial services. Specifically, 71% of U.S. respondents are eager to open an account digitally, using an app or website.
The willingness to open digital accounts is highest in growth economies, including Brazil (95%), Thailand (93%), and Vietnam (92%). In developed economies, including Australia (76%), Canada (79%), and the U.S. (71%), the willingness is lower.
In the U.S., the top accounts that customers were willing to open digitally are as follows: credit cards (71%), cell phone billing (64%), and personal financial accounts such as checking and deposits (62%).
In today’s increasingly digital retail world, you can’t do without offering digital payment processing solutions to your customers. For this, you just need to work with a respectful payments comparison expert that can help you come up with the right merchant processing solutions for your own business needs.
Make sure to work with a payments comparison specialist that’s dedicated to offering the most unbiased retail merchant services review in the industry.
Consumers Opening Digital Financial Accounts
Consumers show increased willingness to open digital financial accounts. However, a certain percentage of consumers state their digital accounts are highly integrated. To get the right merchant services for your eCommerce business, work with a reputable payments expert in your field.
Author Bio: Payment industry guru Taylor Cole is a passionate payments expert who understands the complex world of retail merchant services review providers. He also writes non-fiction, on subjects ranging from personal finance to stocks to cryptopay. He enjoys eating pie with ice cream on his backyard porch, as should all right-thinking people.