IDC Financial Insights Unveils Results from 2014 Consumer Payments Survey
Framingham, MA – April 21, 2014 – IDC Financial Insights today announced a new report, “Business Strategy: Results from the 2014 Consumer Payments Survey,” (Document # FI247805) which polled U.S. consumers in regard to emerging payment methods and technologies. According to the new report, after several years of growth in the use of emerging payment methods like prepaid cards and mobile payments, the new survey saw a small decline in online bill payment as well as both network-branded and store branded gift cards. Mobile payments saw an increase, but it was small compared with recent trends.
IDC Financial Insights regularly conducts a survey of U.S. consumers to gauge usage and interest in various payment methods, especially "alternative" payment methods such as electronic bill presentment and payment (EBPP), prepaid cards, and mobile payments. By gaining the consumer perspective about what actual payment methods they use, this new survey can serve as a tool not only to evaluate consumers' appetite for new payment products and methods, but cut through the market hype to identify true value add from those mobile payment players actually gaining traction in this evolving market.
Highlights of the survey include:
Online bill payment continues to see strong overall adoption, though usage has decreased slightly for a second year in a row. Nearly three quarters of consumers (70.0%) reported using electronic bill payment, either directly through a biller's site or through a consolidator like an online banking site.
Mobile payment adoption, after surging in previous surveys, seems to have reached a point of slower growth. Approximately one-third (37.2%) of respondents reported using a mobile payment method of some kind, but that is a relatively modest gain over the last survey.
Of those who reported using mobile payments, PayPal Mobile is still the most frequently used mobile payment method. PayPal was used by more than half of respondents (58.6%) in IDC Financial Insights' 2014 Consumer Payments Survey, ahead of both Amazon Payments and Apple's iTunes, which remained at around 40%.
"After several years of growth, the market for 'alternative' payment methods is now entering a period where adoption gains may come more slowly and where simply providing an alternative isn't enough. Instead, providers need to offer products that add value beyond the payment," said James Wester, practice director for Worldwide Payment Strategies and the author of the report.
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About IDC Financial Insights
IDC Financial Insights assists financial service businesses and IT leaders, as well as the suppliers who serve them, in making more effective technology decisions by providing accurate, timely, and insightful fact-based research and consulting services. Staffed by senior analysts with decades of industry experience, our global research analyzes and advises on business and technology issues facing the banking, insurance, and securities and investments industries. International Data Corporation (IDC) is the premier global provider of market intelligence, advisory services, and events for the information technology market. IDC is a subsidiary of IDG, the world’s leading technology, media, research, and events company. For more information, please visitwww.idc.com/financial, email firstname.lastname@example.org, or call 508-620-5533. Visit the IDC Financial Insights Community at http://idc-community.com/financial.