Global Payment Innovation Trends 2019
Global payment innovation covered in a new report by yStats.com
AI and IoT disrupt the global payments industry
The integration of virtual voice assistants like Alexa, Google Assistant and Siri into billions of consumer electronic devices has led to the emergence of a new form of AI-powered payments using voice command. Voice-activated payments are projected to see rapid growth between 2019 and 2023, according to a forecast included in the yStats.com report. In addition, a double-digit share of respondents to a recent survey were interested in paying via a connected car or a smart fridge, indicating that IoT payments will soon become more commonplace.
Biometric payments gaining traction, while cryptocurrency payments are yet to rise
The biometrics feature of consumer smartphones, like fingerprint or iris scan, is increasingly used in mobile payments to confirm transactions made with mobile wallets like Apple Pay, Google Pay and others. As a result, biometric payments are projected to increase at a rapid double-digit growth rate over the next five years, according to a forecast cited by yStats.com. Another innovative payment method, cryptocurrency, has not yet gained much popularity as both consumers and merchants are wary of the high volatility of Bitcoin and similar virtual currencies. Nevertheless, more merchants are starting to accept this mean and a small double-digit share of connected shoppers show interest in using it.
- 1. Management Summary
- 2. Biometric Payments
- Global: Overview of Biometric Payments, June 2019
- Global: Value of Remote and In-Store Mobile Payment Transactions Using Biometrics, in USD billion, 2018 & 2023f
- Global: Number of Remote Mobile Biometric Transactions, in billions, and Their Share of Total In-Store and Remote Transactions Authenticated via Mobile Biometrics, in %, 2018 & 2023f
- Global: Share of Respondents Who Would be Willing to Use Fingerprint or Other Biometrics to Secure Their Payment Details, in %, 2018
- Global: Share of Consumers Who Have More Confidence in a Business That Uses Physical Biometrics for Online Security, in %, 2018
- Global: Security Measures Preferred by Online Shoppers, in % of Online Shoppers, by Canada, Germany, the UK and the USA, April 2019
- Global: Breakdown of Online Shoppers’ Attitudes to Biometric Payments, in % of Online Shoppers, April 2019
- Global: Perceived Benefits of Using Biometrics to Confirm Payments When Shopping Online, in % of Online Shoppers, April 2019
- Global: Perceived Barriers to Using Biometrics to Confirm Payments When Shopping Online, in % of Online Shoppers, April 2019
- Global: Share of Online Shoppers in Selected Countries Using Fingerprint and Facial Recognition Technology to Confirm Payments When Shopping Online, by Age Group, in %, April 2019
- Global: Share of Adults Who Made a Biometric Payment in The Last Year, in %, by Australia, the UK and the USA, March 2018
- Global: Share of Adults Who Believe That Biometric Payment Will Become More Commonplace in the Next 2-5 Years, in %, by Australia, the UK and the USA, March 2018
- China: Share of Mobile Payment Users Willing to Use Biometrics for Mobile Payment Authentication, in %, 2018
- China: Biometric Authentication Technologies Known to Mobile Payment Users, in %, 2018
- South Korea: Top 3 Preferred Method of Authentication in Mobile Payment Services, in % of Users, 2017 & 2018
- Europe: Share of Consumers Who Prefer Fingerprint Recognition for Authentication, Compared to One-time Passcodes, in %, June 2019
- Germany: Payment Methods That Consumers Use Now and Expect to Be Using in Five Years’ Time, 2018
- France: Preferred Biometric Authentication Methods in E-Commerce, in % of Online Shoppers, 2019
- USA: Share of Adults Who Have Made a Biometric Payment, in %, by Gender and Total, March 2018
- USA: Breakdown of Perceived Effectiveness of Emerging Technologies for Mitigating Financial Crime, in % of Professionals, September 2018
- 3. Voice-Activated Payments
- Global: Overview of Voice-Activated Payments, June 2019
- Global: Number of Digital Voice Assistants, in billion, and Voice Commerce and Payments Value, in USD billion, 2023f
- Global: Voice Commerce Sales in the UK and the USA, in USD billion, 2017 & 2022f
- Global: Share of Internet Users Who Believe That They Will Use Virtual Voice Assistants At Least For Some Part of Their Purchasing Journey in the Next 3 Years, April 2019
- Global: Share of Internet Users Who Own a Voice Assistant and Used It to Make a Payment, in %, by the UK and the USA, by Age Group and Gender, January 2019
- Global: Share of Adults Who Believe That Security Concerns Would Stop Them From Making a Payment via a Voice Assistant, in %, by the UK and the USA, January 2019
- Global: Share of Online Shoppers Who Would Feel Comfortable Using Voice-Activated Systems to Purchase Goods or Services, by Canada, Germany, the UK and the USA, in %, April 2019
- Global: Breakdown of Online Shoppers’ Attitudes to Payments Via Voice-Activated Technology, in %, April 2019
- Global: Share of Online Shoppers Who Would Feel Comfortable Using Voice-Activated Systems to Purchase and Pay for Selected Categories of Products and Services, in %, April 2019
- USA: Voice Payment Users, in millions, and Penetration, in % of Adults, 2017e-2022f
- 4. IoT Payments
- Global: Overview of IoT Payments, June 2019
- Global: IoT Payment Value, in USD billion, 2018e & 2023f
- Global: Breakdown of IoT Payment Value by Connected Car and Connected Home Payments, in %, 2021f
- Global: Number of Connected Car Commerce Transactions, in billions, and Value, in USD billion, 2023f
- Global: Attitudes to IoT Payments Among Internet Users, in %, by Australia, the UK and the USA, January 2019
- 5. Real-Time Payments
- Global: Overview of Real-Time Payments, June 2019
- Global: Overview of Selected Real-Time Payment Schemes, 2018/2019
- Global: Share of Merchants Interested in Accepting Real-Time Payments, in %, 2017 & 2018
- Global: Attitudes of Merchants Towards Immediate Payments, in % of Respondents, 2017 & 2018
- Global: Share of Banks, Billing Organizations and Merchants Who Believe That Real-Time Payments and Open Banking Will See The Importance of Cards Decline Over Time, in %, 2018
- Europe: Breakdown of E-Commerce Spending in the EU by Payment Methods Considering PSD2 and Instant Payment Introduction, in %, 2012, 2017e, 2020f, 2022f, 2027f
- 6. Cryptocurrency Payments
- Global: Overview of Cryptocurrency Payments, June 2019
- Global: Top 10 Cryptocurrencies by Market Capitalization, in USD billion, incl. Price, in USD, July 2019
- Global: Breakdown of Bitcoin Activity by Category, in %, 2017-2018 & January-April 2019
- Global: Monthly Value of Bitcoin Payments Sent to Merchant, in USD million, January 2017 - May 2019
- Global: Share of Internet Users Who Own Cryptocurrency, in %, by Region, Q2 2018
- Global: Share of Online Shoppers Who Have Used Cryptocurrency to Pay Online, in %, 2018
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