Consumers in France are embracing digital wallets for payments. For example, more than one-third (38%) use them for online shopping. Surprisingly, we find millennials in France are more likely to use these wallets for online shopping than Generation Z consumers. In fact, Gen Z is the most likely to use them to pay when shopping in-store.
\nBut facilitating payments and transfers is just one way consumers can use these tools. Digital wallets can be anywhere a smartphone is. Consumers in France are beginning to explore how the technology can be a trusted tool for nontransactional purposes.
\nPYMNTS Intelligence finds that consumers in France commonly need to confirm their identities. This suggests that the French market is ready to use these wallets to store ID documents and tickets. Other possibilities include facilitating travel and holding medical records.
\nThese are just some of the findings detailed in \u201cDigital Wallets Beyond Financial Transactions: France Edition,\u201d a PYMNTS Intelligence and Google Wallet collaboration. This report examines consumer perceptions and use of digital wallets in the last year and into the future in the French market. It draws on insights from a survey of 3,365 consumers in France conducted from Jan. 11 to Feb. 5.
\nOnce consumers use a digital wallet to store credentials or show their IDs, most are satisfied with their experience. Download the report to learn more about what\u2019s next for this technology in France.
\nThis report is the third in a series exploring how consumers in various major economies are using this technology. Check out the series archive to learn more about how use in France compares to other countries.
\nThe post France Keeps Mobile Wallets Ready for Post-Olympic Events appeared first on PYMNTS.com.
\n", "content_text": "Download the Report\n \n Digital Wallets Beyond Financial Transactions: France\n \n \n \n \n \n \n [contact-form-7]\n \n \n \n \n \n\nConsumers in France are embracing digital wallets for payments. For example, more than one-third (38%) use them for online shopping. Surprisingly, we find millennials in France are more likely to use these wallets for online shopping than Generation Z consumers. In fact, Gen Z is the most likely to use them to pay when shopping in-store.\nBut facilitating payments and transfers is just one way consumers can use these tools. Digital wallets can be anywhere a smartphone is. Consumers in France are beginning to explore how the technology can be a trusted tool for nontransactional purposes.\nPYMNTS Intelligence finds that consumers in France commonly need to confirm their identities. This suggests that the French market is ready to use these wallets to store ID documents and tickets. Other possibilities include facilitating travel and holding medical records.\nThese are just some of the findings detailed in \u201cDigital Wallets Beyond Financial Transactions: France Edition,\u201d a PYMNTS Intelligence and Google Wallet collaboration. This report examines consumer perceptions and use of digital wallets in the last year and into the future in the French market. It draws on insights from a survey of 3,365 consumers in France conducted from Jan. 11 to Feb. 5.\nInside \u201cDigital Wallets Beyond Financial Transactions: France Edition\u201d:\n\nWhat tasks consumers in France are completing using their digital wallets\nWhich generations are using this technology the most\nHow consumers in France are using these tools for identity verification\nUse cases for the technology in travel and events\nWhat share of French consumers predict that using these wallets to access events will become the norm\n\nOnce consumers use a digital wallet to store credentials or show their IDs, most are satisfied with their experience. Download the report to learn more about what\u2019s next for this technology in France.\nThis report is the third in a series exploring how consumers in various major economies are using this technology. Check out the series archive to learn more about how use in France compares to other countries.\nThe post France Keeps Mobile Wallets Ready for Post-Olympic Events appeared first on PYMNTS.com.", "date_published": "2024-08-14T04:00:56-04:00", "date_modified": "2024-08-13T21:09:56-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/08/digital-wallets-stored-credentials-france.jpg", "tags": [ "consumer finance", "consumer payments", "digital credentials", "Digital Payments", "digital wallets", "France", "Google Wallet", "Main Feature", "News", "PYMNTS Intelligence", "PYMNTS News", "PYMNTS Study" ] }, { "id": "https://www.pymnts.com/?p=2051596", "url": "https://www.pymnts.com/digital-payments/2024/trustly-transaction-value-hits-16-billion-for-h1-2024/", "title": "Trustly UK Transaction Value Hits $16 Billion for H1 2024", "content_html": "Open banking payments firm\u00a0Trustly\u00a0says it has seen a surge in transaction value.
\nThe company\u00a0announced Tuesday (Aug. 13) that it processed 13.1 billion pounds ($16 billion) in payments in the U.K. between January to June of this year. That\u2019s compared to the 13.6 billion pounds Trustly handled over the entirety of 2023.
\n\u201cTrustly\u2019s strong performance highlights the growing adoption of open banking more broadly, with one in nine people in the UK reportedly using open banking services as of October 2023,\u201d the company said in a news release.
\nAlso Tuesday, the company announced it had named\u00a0Mitchell Powers\u00a0as its senior vice president for the U.K. He joins Trustly from online payments processor\u00a0GoCardless, where he had served as vice president and general manager.
\n\u201cThe company has gone from strength to strength over the past 12 months,\u201d Powers said. \u201cI\u2019m excited to be joining Trustly for its vision, its clear differentiators and \u2014 most importantly \u2014 its potential to completely revolutionize the way people pay for things in the United Kingdom.\u201d
\nPYMNTS spoke in June with Trustly CEO Alex Gonthier about the challenge of introducing open banking/pay-by-bank into the eCommerce space.
\n\u201cThe thing that\u2019s interesting is that no one has\u00a0cracked the code yet\u00a0on eCommerce,\u201d Gonthier told PYMNTS CEO Karen Webster. \u201cNo one has cracked the code because we\u2019re fighting against credit cards that have extremely rich rewards programs.\u201d
\nTo compete, he said, pay-by-bank providers must offer their customers incentives like cashback or\u00a0rewards programs, without erasing the cost savings for merchants. Trustly has found some eCommerce success from the travel sector, and with payments that traditionally have been done with debit cards, such as healthcare and vet bills.
\n\u201cYou can think of us as the \u2018next-gen\u2019 paper check,\u201d Gonthier said, adding that despite its challenges, he is optimistic about the future of pay by bank and open banking.
\n\u201cIn open banking, you have the absolute unique advantage over debit cards, the absolute unique advantage of seeing a consumer\u2019s transactions in real time,\u201d Gonthier said. \u201cAnd with that, we actually see them on debit cards, on Venmo, on PayPal, on Zelle, on paper checks, wire transfer, we see everything.\u201d
\nIn a separate interview, PYMNTS spoke with\u00a0Christina Potter, head of eCommerce at Trustly, about the benefits of open banking in the retail space.
\nFor consumers, she said, paying via bank \u201callows them to\u00a0leverage other payment methods\u00a0beyond credit cards,\u201d which she pointed out can be an expensive option, considering the current interchange rate environment.
\nThe post Trustly UK Transaction Value Hits $16 Billion for H1 2024 appeared first on PYMNTS.com.
\n", "content_text": "Open banking payments firm\u00a0Trustly\u00a0says it has seen a surge in transaction value.\nThe company\u00a0announced Tuesday (Aug. 13) that it processed 13.1 billion pounds ($16 billion) in payments in the U.K. between January to June of this year. That\u2019s compared to the 13.6 billion pounds Trustly handled over the entirety of 2023.\n\u201cTrustly\u2019s strong performance highlights the growing adoption of open banking more broadly, with one in nine people in the UK reportedly using open banking services as of October 2023,\u201d the company said in a news release.\nAlso Tuesday, the company announced it had named\u00a0Mitchell Powers\u00a0as its senior vice president for the U.K. He joins Trustly from online payments processor\u00a0GoCardless, where he had served as vice president and general manager.\n\u201cThe company has gone from strength to strength over the past 12 months,\u201d Powers said. \u201cI\u2019m excited to be joining Trustly for its vision, its clear differentiators and \u2014 most importantly \u2014 its potential to completely revolutionize the way people pay for things in the United Kingdom.\u201d\nPYMNTS spoke in June with Trustly CEO Alex Gonthier about the challenge of introducing open banking/pay-by-bank into the eCommerce space.\n\u201cThe thing that\u2019s interesting is that no one has\u00a0cracked the code yet\u00a0on eCommerce,\u201d Gonthier told PYMNTS CEO Karen Webster. \u201cNo one has cracked the code because we\u2019re fighting against credit cards that have extremely rich rewards programs.\u201d\nTo compete, he said, pay-by-bank providers must offer their customers incentives like cashback or\u00a0rewards programs, without erasing the cost savings for merchants. Trustly has found some eCommerce success from the travel sector, and with payments that traditionally have been done with debit cards, such as healthcare and vet bills.\n\u201cYou can think of us as the \u2018next-gen\u2019 paper check,\u201d Gonthier said, adding that despite its challenges, he is optimistic about the future of pay by bank and open banking.\n\u201cIn open banking, you have the absolute unique advantage over debit cards, the absolute unique advantage of seeing a consumer\u2019s transactions in real time,\u201d Gonthier said. \u201cAnd with that, we actually see them on debit cards, on Venmo, on PayPal, on Zelle, on paper checks, wire transfer, we see everything.\u201d\nIn a separate interview, PYMNTS spoke with\u00a0Christina Potter, head of eCommerce at Trustly, about the benefits of open banking in the retail space.\nFor consumers, she said, paying via bank \u201callows them to\u00a0leverage other payment methods\u00a0beyond credit cards,\u201d which she pointed out can be an expensive option, considering the current interchange rate environment.\nThe post Trustly UK Transaction Value Hits $16 Billion for H1 2024 appeared first on PYMNTS.com.", "date_published": "2024-08-13T08:55:38-04:00", "date_modified": "2024-08-13T13:16:30-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/08/Trustly-transaction-value.png", "tags": [ "EMEA", "News", "Open Banking", "open banking payments", "Pay By Bank", "PYMNTS News", "Trustly", "What's Hot", "Digital Payments" ] }, { "id": "https://www.pymnts.com/?p=2050518", "url": "https://www.pymnts.com/digital-payments/2024/mercadolibre-drives-argentinas-surge-in-digital-tipping/", "title": "MercadoLibre Drives Argentina\u2019s Surge in Digital Tipping", "content_html": "Cash has long been king at Argentina\u2019s bars and restaurants. Its reign may be ending.
\nAs Bloomberg News reported Saturday (Aug. 10), card tipping had been rare in the South American nation, leading many patrons to carry big wads of cash.\u00a0
\nNow, however, tipping is going digital amid a surge in FinTech activity, with Argentina now home to 312 such companies in 2023, up from 72 in 2017, the report said, citing data from the Inter-American Development Bank.
\nAccording to Bloomberg, Latin America eCommerce goliath MercadoLibre\u2019s payments business Mercado Pago has come up with a new function in its app for tipping.\u00a0
\n\u201cThe spread of digital payments and decline of cash use started to negatively impact the amount of tips waiters received,\u201d Agustin Onagoity, senior director for Mercado Pago Argentina, said in a statement to Bloomberg. \u201cOur users and gastronomy workers really demanded a tips solution.\u201d
\nThe report also quotes Pedro Filippini, a Buenos Aires barista who lets customers send tips to his Mercado Pago account, finding the tips there tend to be more generous than cash gratuities, as those can depend on the amount of paper money a customer has with them.
\nHe added that he prefers digital payments but can still see the need for cash as people are struggling. Cell service costs have ballooned, leading to situations where it\u2019s harder to access Mercado Pago.
\nThis is happening at a time when \u2014 as noted here earlier this year \u2014 the rise of digital tipping is transforming how consumers show gratitude for service.\u00a0
\n\u201cThis shift toward digital gratuity represents more than just convenience \u2014 it\u2019s a reflection of broader societal changes, impacting both employee retention and transactional consumer experiences,\u201d PYMNTS wrote.
\nIn addition, that report said, the implementation of digital instant payouts for hospitality staff has been shown to improve morale and job satisfaction in the service industry, addressing longtime challenges in staff retention and leading to higher retention rates.
\nAs Matt Tuchband, CEO of mobile tipping platform TipQwik, said in \u201cTap and Tip: Travel and Hospitality Embrace Digital and Instant Payments,\u201d\u00a0a joint PYMNTS Intelligence and Ingo Payments research study, the ability to tip via smartphone throughout a property can reduce turnover by making sure staff who normally do not get tips included on a bill, such as housekeeping and porters.
\nIn addition, \u201cIt provides a simple option for guests to show their appreciation at any time without fumbling for cash,\u201d Tuchband said.
\nThe post MercadoLibre Drives Argentina’s Surge in Digital Tipping appeared first on PYMNTS.com.
\n", "content_text": "Cash has long been king at Argentina\u2019s bars and restaurants. Its reign may be ending.\nAs Bloomberg News reported Saturday (Aug. 10), card tipping had been rare in the South American nation, leading many patrons to carry big wads of cash.\u00a0\nNow, however, tipping is going digital amid a surge in FinTech activity, with Argentina now home to 312 such companies in 2023, up from 72 in 2017, the report said, citing data from the Inter-American Development Bank.\nAccording to Bloomberg, Latin America eCommerce goliath MercadoLibre\u2019s payments business Mercado Pago has come up with a new function in its app for tipping.\u00a0\n\u201cThe spread of digital payments and decline of cash use started to negatively impact the amount of tips waiters received,\u201d Agustin Onagoity, senior director for Mercado Pago Argentina, said in a statement to Bloomberg. \u201cOur users and gastronomy workers really demanded a tips solution.\u201d\nThe report also quotes Pedro Filippini, a Buenos Aires barista who lets customers send tips to his Mercado Pago account, finding the tips there tend to be more generous than cash gratuities, as those can depend on the amount of paper money a customer has with them.\nHe added that he prefers digital payments but can still see the need for cash as people are struggling. Cell service costs have ballooned, leading to situations where it\u2019s harder to access Mercado Pago.\nThis is happening at a time when \u2014 as noted here earlier this year \u2014 the rise of digital tipping is transforming how consumers show gratitude for service.\u00a0\n\u201cThis shift toward digital gratuity represents more than just convenience \u2014 it\u2019s a reflection of broader societal changes, impacting both employee retention and transactional consumer experiences,\u201d PYMNTS wrote.\nIn addition, that report said, the implementation of digital instant payouts for hospitality staff has been shown to improve morale and job satisfaction in the service industry, addressing longtime challenges in staff retention and leading to higher retention rates.\nAs Matt Tuchband, CEO of mobile tipping platform TipQwik, said in \u201cTap and Tip: Travel and Hospitality Embrace Digital and Instant Payments,\u201d\u00a0a joint PYMNTS Intelligence and Ingo Payments research study, the ability to tip via smartphone throughout a property can reduce turnover by making sure staff who normally do not get tips included on a bill, such as housekeeping and porters.\nIn addition, \u201cIt provides a simple option for guests to show their appreciation at any time without fumbling for cash,\u201d Tuchband said.\nThe post MercadoLibre Drives Argentina’s Surge in Digital Tipping appeared first on PYMNTS.com.", "date_published": "2024-08-11T17:24:38-04:00", "date_modified": "2024-08-11T17:24:38-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/08/digital-tipping.jpg", "tags": [ "Argentina", "cash tipping", "Digital Payments", "digital tipping", "digital transformation", "FinTech", "Mercado Pago", "MercadoLibre", "News", "PYMNTS News", "tipping", "tips", "What's Hot" ] }, { "id": "https://www.pymnts.com/?p=2022382", "url": "https://www.pymnts.com/digital-payments/2024/report-payment-firms-expected-to-begin-offering-digital-rupee-transactions/", "title": "Report: Amazon Pay and Google Pay Among Firms to Offer Digital Rupee Transactions", "content_html": "The\u00a0Reserve Bank of India\u2019s (RBI\u2019s) offer to allow payment firms to enable eRupee transactions via their platforms has reportedly been taken up by five such firms.
\nGoogle Pay,\u00a0Walmart-backed\u00a0PhonePe,\u00a0Amazon Pay,\u00a0Cred and\u00a0Mobikwik have applied to join the Indian central bank\u2019s digital currency pilot, Reuters\u00a0reported Monday (Aug. 5), citing unnamed sources.
\nThe companies declined to comment, according to the report.
\nWhen the RBI\u00a0launched the eRupee pilot program in December 2022, it permitted only banks to offer the digital currency through their mobile applications, the report said.
\nIt then expanded the program in April to include payment firms, once they are approved by the RBI, per the report.
\nThe five firms that have applied to participate in the pilot are expected to begin offering access to the eRupee within three or four months, according to the report.
\nAllowing them to do so should widen the user base and increase the volume of eRupee transactions, because these five firms collectively account for 85% of the digital payments made via India\u2019s Unified Payments Interface (UPI), the report said.
\nThe number of transactions using the eRupee has declined sharply since late last year, falling from 1 million a day to between 100,000 and 200,000 a day, per the report.
\nIt was reported in December 2022, when the pilot program was launched, that seven Indian bankers were unimpressed with the\u00a0digital rupee, saying it demonstrated little benefit.
\nThe bankers said that the digital currency was very similar to the internet-based banking users were already using, that it required each trade using it to be settled individually rather than being handled in bulk, and that banks were unlikely to continue using it once the pilot concluded, Reuters reported at the time.
\nIn February 2023, it was reported that Indian banks and retailers began accepting contactless payments made with\u00a0digital rupees as part of the pilot program. The first merchant to do so,\u00a0Reliance Retail, allowed test groups of customers to make QR code payments with the digital rupee at its Freshpik gourmet food stores.
\nIn May, the RBI said that it aimed to make its\u00a0digital currency function offline.
\nFor all PYMNTS digital transformation coverage, subscribe to the daily\u00a0Digital Transformation Newsletter.
\nThe post Report: Amazon Pay and Google Pay Among Firms to Offer Digital Rupee Transactions appeared first on PYMNTS.com.
\n", "content_text": "The\u00a0Reserve Bank of India\u2019s (RBI\u2019s) offer to allow payment firms to enable eRupee transactions via their platforms has reportedly been taken up by five such firms.\nGoogle Pay,\u00a0Walmart-backed\u00a0PhonePe,\u00a0Amazon Pay,\u00a0Cred and\u00a0Mobikwik have applied to join the Indian central bank\u2019s digital currency pilot, Reuters\u00a0reported Monday (Aug. 5), citing unnamed sources.\nThe companies declined to comment, according to the report.\nWhen the RBI\u00a0launched the eRupee pilot program in December 2022, it permitted only banks to offer the digital currency through their mobile applications, the report said.\nIt then expanded the program in April to include payment firms, once they are approved by the RBI, per the report.\nThe five firms that have applied to participate in the pilot are expected to begin offering access to the eRupee within three or four months, according to the report.\nAllowing them to do so should widen the user base and increase the volume of eRupee transactions, because these five firms collectively account for 85% of the digital payments made via India\u2019s Unified Payments Interface (UPI), the report said.\nThe number of transactions using the eRupee has declined sharply since late last year, falling from 1 million a day to between 100,000 and 200,000 a day, per the report.\nIt was reported in December 2022, when the pilot program was launched, that seven Indian bankers were unimpressed with the\u00a0digital rupee, saying it demonstrated little benefit.\nThe bankers said that the digital currency was very similar to the internet-based banking users were already using, that it required each trade using it to be settled individually rather than being handled in bulk, and that banks were unlikely to continue using it once the pilot concluded, Reuters reported at the time.\nIn February 2023, it was reported that Indian banks and retailers began accepting contactless payments made with\u00a0digital rupees as part of the pilot program. The first merchant to do so,\u00a0Reliance Retail, allowed test groups of customers to make QR code payments with the digital rupee at its Freshpik gourmet food stores.\nIn May, the RBI said that it aimed to make its\u00a0digital currency function offline.\nFor all PYMNTS digital transformation coverage, subscribe to the daily\u00a0Digital Transformation Newsletter.\nThe post Report: Amazon Pay and Google Pay Among Firms to Offer Digital Rupee Transactions appeared first on PYMNTS.com.", "date_published": "2024-08-05T12:54:07-04:00", "date_modified": "2024-08-06T08:55:03-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2021/08/rupee.jpg", "tags": [ "amazon pay", "Cred", "Digital Payments", "digital rupee", "digital transformation", "Google Pay", "india", "MobiKwik", "News", "Payment Methods", "PhonePe", "PYMNTS News", "RBI", "Reserve Bank Of India", "reupp", "walmart", "What's Hot" ] }, { "id": "https://www.pymnts.com/?p=2020058", "url": "https://www.pymnts.com/digital-payments/2024/new-data-germanys-baby-boomers-flip-the-script-on-digital-wallet-usage/", "title": "New Data: Germany\u2019s Baby Boomers Flip the Script on Digital Wallet Usage", "content_html": "Consumers in Germany are embracing their digital wallets for payments. Nearly half (47%) use them for online shopping for example. Surprisingly, baby boomers and seniors in Germany are more likely to use one for online shopping than Generation Z consumers.
\nHowever, facilitating payments and transfers is just one way consumers can use these tools. These wallets can be anywhere that a smartphone is. This is a fact that cannot be overlooked, and it can drive adoption.
\nPYMNTS Intelligence finds that once consumers in Germany store credentials and use a digital wallet \u2014 to verify their identities or present credentials to access an event, among other uses \u2014 most state high satisfaction with their experience.
\nThis suggests that the German market is ready for digital wallets\u2019 next evolution.
\nThese are just some of the findings detailed in \u201cDigital Wallets Beyond Financial Transactions: Germany Edition,\u201d a PYMNTS Intelligence and Google Wallet collaboration. This report examines consumer perceptions and use of these wallets in the last year and into the future in the German market. It draws on insights from a survey of 2,302 consumers in Germany conducted from Jan. 11 to Feb. 5.
\nOnce consumers use a digital wallet to store credentials or show their IDs, most have positive experiences doing so. Download the report to learn what\u2019s next for these wallets in Germany.
\nThis report is the third in a series exploring how consumers in various major economies are using digital wallets. Check out the series archive to learn about how use in Germany compares to other countries.
\nThe post New Data: Germany\u2019s Baby Boomers Flip the Script on Digital Wallet Usage appeared first on PYMNTS.com.
\n", "content_text": "Download the Report\n \n Digital Wallets Beyond Financial Transactions: Germany\n \n \n \n \n \n \n [contact-form-7]\n \n \n \n \n \n\nConsumers in Germany are embracing their digital wallets for payments. Nearly half (47%) use them for online shopping for example. Surprisingly, baby boomers and seniors in Germany are more likely to use one for online shopping than Generation Z consumers.\nHowever, facilitating payments and transfers is just one way consumers can use these tools. These wallets can be anywhere that a smartphone is. This is a fact that cannot be overlooked, and it can drive adoption.\nPYMNTS Intelligence finds that once consumers in Germany store credentials and use a digital wallet \u2014 to verify their identities or present credentials to access an event, among other uses \u2014 most state high satisfaction with their experience.\nThis suggests that the German market is ready for digital wallets\u2019 next evolution.\nThese are just some of the findings detailed in \u201cDigital Wallets Beyond Financial Transactions: Germany Edition,\u201d a PYMNTS Intelligence and Google Wallet collaboration. This report examines consumer perceptions and use of these wallets in the last year and into the future in the German market. It draws on insights from a survey of 2,302 consumers in Germany conducted from Jan. 11 to Feb. 5.\nInside \u201cDigital Wallets Beyond Financial Transactions: Germany Edition\u201d:\n\nWhat tasks consumers in Germany are completing using these wallets\nWhich generations are using these wallets the most\nHow consumers in Germany are using these tools for travel and transportation\nHow using these wallets for identification verification could be more convenient for consumers, especially when they are on the road\n\nOnce consumers use a digital wallet to store credentials or show their IDs, most have positive experiences doing so. Download the report to learn what\u2019s next for these wallets in Germany.\nThis report is the third in a series exploring how consumers in various major economies are using digital wallets. Check out the series archive to learn about how use in Germany compares to other countries.\nThe post New Data: Germany\u2019s Baby Boomers Flip the Script on Digital Wallet Usage appeared first on PYMNTS.com.", "date_published": "2024-08-01T04:03:26-04:00", "date_modified": "2024-07-31T19:58:00-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/08/digital-wallets-germany-finance.jpg", "tags": [ "consumer finance", "consumer payments", "digital credentials", "Digital Payments", "digital wallets", "Featured News", "Germany", "Google Wallet", "News", "PYMNTS Intelligence", "PYMNTS News", "PYMNTS Study" ] }, { "id": "https://www.pymnts.com/?p=2015663", "url": "https://www.pymnts.com/digital-payments/2024/new-data-gen-z-leads-the-way-as-digital-wallets-surge-in-the-uk/", "title": "New Data: Gen Z Leads the Way as Digital Wallets Surge in the UK", "content_html": "Digital wallets are becoming popular among consumers in the United Kingdom. In fact, nearly half (44%) of consumers in the country expect to continue using these wallets to carry out financial transactions in the next three years.
\nBut these tools have the potential to allow consumers to do so much more than just make payments. Significant shares of the U.K.\u2019s Generation Z and millennial consumers are using them to store credentials like ID cards or event tickets. PYMNTS Intelligence data shows, for example, that 71% of U.K. users are highly satisfied with their experience of using digital wallets beyond shopping. Some other use cases for the technology include for boarding passes, scanning rewards cards and storing hotel keys.
\nThese are just some of the findings detailed in \u201cDigital Wallets Beyond Financial Transactions: U.K. Edition,\u201d a PYMNTS Intelligence and Google Wallet collaboration. This report examines consumer perceptions and use of these wallets in the last year and into the future in the U.K. market. It draws on insights from a survey of 2,362 consumers conducted from Jan. 11 to Feb. 5.
\nThese wallets have the potential to replace physical wallets for storing payment methods, identification cards, transit passes and event tickets. Download the report today to learn what consumers in the U.K. are saying about the future of digital wallets.
\nThe post New Data: Gen Z Leads the Way as Digital Wallets Surge in the UK appeared first on PYMNTS.com.
\n", "content_text": "Download the Report\n \n Digital Wallets Beyond Financial Transactions: U.K. Edition\n \n \n \n \n \n \n [contact-form-7]\n \n \n \n \n \n\nDigital wallets are becoming popular among consumers in the United Kingdom. In fact, nearly half (44%) of consumers in the country expect to continue using these wallets to carry out financial transactions in the next three years.\nBut these tools have the potential to allow consumers to do so much more than just make payments. Significant shares of the U.K.\u2019s Generation Z and millennial consumers are using them to store credentials like ID cards or event tickets. PYMNTS Intelligence data shows, for example, that 71% of U.K. users are highly satisfied with their experience of using digital wallets beyond shopping. Some other use cases for the technology include for boarding passes, scanning rewards cards and storing hotel keys.\nThese are just some of the findings detailed in \u201cDigital Wallets Beyond Financial Transactions: U.K. Edition,\u201d a PYMNTS Intelligence and Google Wallet collaboration. This report examines consumer perceptions and use of these wallets in the last year and into the future in the U.K. market. It draws on insights from a survey of 2,362 consumers conducted from Jan. 11 to Feb. 5.\nInside \u201cDigital Wallets Beyond Financial Transactions: U.K. Edition\u201d:\n\nHow Gen Z and millennial consumers in the U.K. lead the way in using these wallets for uses other than transactions\nHow many consumers in the U.K. are using digital wallets to store non-payment credentials\nThe rise of using these wallets for peer-to-peer transactions and bill splitting\nUse cases for digital wallets in the U.K. for travel and events\nWhy storing identity verification credentials appeals to consumers in the U.K., particularly those from Gen Z\n\nThese wallets have the potential to replace physical wallets for storing payment methods, identification cards, transit passes and event tickets. Download the report today to learn what consumers in the U.K. are saying about the future of digital wallets.\nThe post New Data: Gen Z Leads the Way as Digital Wallets Surge in the UK appeared first on PYMNTS.com.", "date_published": "2024-07-24T04:03:41-04:00", "date_modified": "2024-07-23T21:21:33-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/07/digital-wallets-united-kingdom.jpg", "tags": [ "consumer finance", "consumer payments", "digital credentials", "Digital Payments", "digital wallets", "Featured News", "Google Wallet", "News", "PYMNTS Intelligence", "PYMNTS News", "PYMNTS Study", "The United Kingdom" ] }, { "id": "https://www.pymnts.com/?p=2015717", "url": "https://www.pymnts.com/digital-payments/2024/fednows-first-year-path-to-critical-mass-requires-time-and-education/", "title": "FedNow\u2019s First Year: Path to Critical Mass Requires Time and Education", "content_html": "A year after its launch, the FedNow\u00ae Service,\u00a0the instant payment service introduced by the U.S. central bank last July 20, has seen 900 banks sign up and connect to the new rails. Seth Perlman, global head of product for i2c, told PYMNTS that the sign-ups bode well for faster payments \u2014 but getting to 7,000 banks and critical mass will take time and education.
\n\u201cIt\u2019ll take a long time to get institutions that adoption curve,\u201d and for the banks connecting to FedNow to number in the thousands.\u00a0
\nNonetheless, he said, \u201cthis is incredible traction, for a brand new payment network to get to that level of adoption in the span of a year.\u201d
\nThere\u2019s some knowledge and insight to glean from the emergence of faster payments across the globe, particularly in Europe, and what consumers and businesses demand.
\nAnd what they\u2019re demanding, Perlman said, \u201cis that payments be instant, just like every other aspect of our lives.\u201d\u00a0 The sentiment echoes statements made by Mark Gould, chief payments executive for Federal Reserve Financial Services, who said, \u201cthe strong growth we\u2019re seeing shows how financial institutions are stepping forward to meet this change in customer expectation.\u201d
\nGould\u2019s insight, said Perlman, is \u201cspot on,\u201d where \u201ceveryone knows that payments are just one the latest things that are going to become real time.\u00a0 Seeing the smaller institutions jump on board,\u201d he added, \u201cis an accurate reflection of that statement.\u201d
\nThough education is still needed to illuminate new use cases and benefits of instant payments \u2014 as Perlman said, \u201cI\u2019m not sure that everyone is fully up to speed on what FedNow brings to the market.\u201d Perlman noted that the gap is narrowing.
\nThe larger banks are already participating with FedNow, and as Perlman noted, the central bank has been focusing on recruiting community banks and credit unions (a significant client roster for i2c).\u00a0 Reaching the \u201clong tail\u201d of FIs among smaller entities will require processors and providers to be certified with FedNow, and i2c stands in the middle of the equation, connecting the banks to those integrators and supporters of instant payment services.
\nIn terms of easing that connectivity and integration with the new rails, Perlman said, i2c has begun the implementation process to become a certified service provider and anticipates completing the development and testing activities with the Fed through the next several weeks and months.\u00a0 \u201cThe goal is to be live by the end of the year, said Perlman.
\nBeyond the benefits of speed, Perlman said there\u2019s value to glean from the data accompanying the payments, standardized through ISO 20022.
\n\u201cWhen you talk about attaching robust payment invoice and other potentially trade finance data to a transaction, that\u2019s what really unlocks real-time payments as a valuable network for business to business transactions and,\u00a0 more complicated types of payments,\u201d he said.
\nLooking ahead, in the drive to move from the current 900 FIs tied to FedNow to 7,000 banks, Perlman said there will need to be a \u201ccombined effort\u201d between the Fed and partners in the ecosystem,\u201d such as i2c to help educate those FIs.
\n\u201cWe\u2019re really excited to have the opportunity to bring real-time, interbank payment to our clients and allow them to speed up payments reconciliation and adding additional data to their transactions,\u201d he told PYMNTS.
\nThe post FedNow\u2019s First Year: Path to Critical Mass Requires Time and Education appeared first on PYMNTS.com.
\n", "content_text": "A year after its launch, the FedNow\u00ae Service,\u00a0the instant payment service introduced by the U.S. central bank last July 20, has seen 900 banks sign up and connect to the new rails. Seth Perlman, global head of product for i2c, told PYMNTS that the sign-ups bode well for faster payments \u2014 but getting to 7,000 banks and critical mass will take time and education.\n\u201cIt\u2019ll take a long time to get institutions that adoption curve,\u201d and for the banks connecting to FedNow to number in the thousands.\u00a0 \nNonetheless, he said, \u201cthis is incredible traction, for a brand new payment network to get to that level of adoption in the span of a year.\u201d \nThere\u2019s some knowledge and insight to glean from the emergence of faster payments across the globe, particularly in Europe, and what consumers and businesses demand.\nAnd what they\u2019re demanding, Perlman said, \u201cis that payments be instant, just like every other aspect of our lives.\u201d\u00a0 The sentiment echoes statements made by Mark Gould, chief payments executive for Federal Reserve Financial Services, who said, \u201cthe strong growth we\u2019re seeing shows how financial institutions are stepping forward to meet this change in customer expectation.\u201d\nGould\u2019s insight, said Perlman, is \u201cspot on,\u201d where \u201ceveryone knows that payments are just one the latest things that are going to become real time.\u00a0 Seeing the smaller institutions jump on board,\u201d he added, \u201cis an accurate reflection of that statement.\u201d\nThough education is still needed to illuminate new use cases and benefits of instant payments \u2014 as Perlman said, \u201cI\u2019m not sure that everyone is fully up to speed on what FedNow brings to the market.\u201d Perlman noted that the gap is narrowing. \nWhere i2c Stands \nThe larger banks are already participating with FedNow, and as Perlman noted, the central bank has been focusing on recruiting community banks and credit unions (a significant client roster for i2c).\u00a0 Reaching the \u201clong tail\u201d of FIs among smaller entities will require processors and providers to be certified with FedNow, and i2c stands in the middle of the equation, connecting the banks to those integrators and supporters of instant payment services.\nIn terms of easing that connectivity and integration with the new rails, Perlman said, i2c has begun the implementation process to become a certified service provider and anticipates completing the development and testing activities with the Fed through the next several weeks and months.\u00a0 \u201cThe goal is to be live by the end of the year, said Perlman. \nBeyond the benefits of speed, Perlman said there\u2019s value to glean from the data accompanying the payments, standardized through ISO 20022.\n\u201cWhen you talk about attaching robust payment invoice and other potentially trade finance data to a transaction, that\u2019s what really unlocks real-time payments as a valuable network for business to business transactions and,\u00a0 more complicated types of payments,\u201d he said. \nLooking ahead, in the drive to move from the current 900 FIs tied to FedNow to 7,000 banks, Perlman said there will need to be a \u201ccombined effort\u201d between the Fed and partners in the ecosystem,\u201d such as i2c to help educate those FIs.\n\u201cWe\u2019re really excited to have the opportunity to bring real-time, interbank payment to our clients and allow them to speed up payments reconciliation and adding additional data to their transactions,\u201d he told PYMNTS.\nThe post FedNow\u2019s First Year: Path to Critical Mass Requires Time and Education appeared first on PYMNTS.com.", "date_published": "2024-07-24T04:02:49-04:00", "date_modified": "2024-07-23T21:16:27-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/07/FedNow-financial-education-i2C.jpg", "tags": [ "banking", "Connected Economy", "Digital Payments", "digital transformation", "Featured News", "FedNow Service", "financial institutions", "i2C", "News", "Open Banking", "PYMNTS News", "pymnts tv", "real time payments", "Seth Perlman", "video" ] }, { "id": "https://www.pymnts.com/?p=2013269", "url": "https://www.pymnts.com/digital-payments/2024/cash-app-integrates-with-google-play-to-attract-gamers/", "title": "Cash App Integrates With Google Play to Attract Gamers", "content_html": "Cash App has integrated with Google Play to offer more checkout options on Android devices.
\nThe partnership, announced Thursday (July 18), is designed to help the companies engage with a range of consumers, particularly in the gaming space.
\n\u201cWe\u2019re continuously expanding payment options on Google Play, and adding Cash App Pay is a significant step in giving users more choice and convenience while meeting their evolving payment preferences,\u201d Pete Albers, director of retail and payments activation for Google Play, said in a news release.
\nThe release cites figures from the Bureau of Economic Analysis showing that $3 trillion in yearly consumer spending happens outside the traditional financial system, meaning that younger shoppers are seeking alternative payment solutions like Cash App Pay \u2014 which lets consumers pay with their Cash App balance or linked debit card \u2014 when shopping.
\n\u201cNext gen shoppers are demanding more choices at checkout, and we know they\u2019re also looking for more ways to pay with their own money. This partnership not only empowers them to pay flexibly for the things they want, but it also marries two strong customer sets and maximizes their mobile utility,\u201d said Tanuj Parikh, head of partnerships, Cash App and Afterpay at Block.
\nThe partnership comes as the way people choose to pay for things at checkout continues to change, as PYMNTS wrote earlier this week.
\nFor example, digital wallets are now the fastest-growing payment option in the United States, especially among younger consumers.
\n\u201cMost Americans say they use digital wallets more often than traditional payment methods,\u201d that report said. \u201cEven more intriguing, consumers who use this payment method tend to spend more than nonusers. According to a new Worldpay report, the payment method will overtake debit cards in transaction value in North America for in-store payments by 2027.\u201d
\nThe popularity and payment values of these wallets make them a priority tool for businesses to integrate into their payment suites. Still, merchants have some catching up to do to keep up with this ongoing trend.
\n\u201cSome notable stumbling blocks \u2014 including perceptions about security, complexity and legacy technology \u2014 are still holding many back,\u201d PYMNTS wrote.
\nThe news came the same day that Cash App said it was shutting down its U.K. business in mid-September, as it makes the U.S. a greater priority.
\nThe post Cash App Integrates With Google Play to Attract Gamers appeared first on PYMNTS.com.
\n", "content_text": "Cash App has integrated with Google Play to offer more checkout options on Android devices.\nThe partnership, announced Thursday (July 18), is designed to help the companies engage with a range of consumers, particularly in the gaming space.\n\u201cWe\u2019re continuously expanding payment options on Google Play, and adding Cash App Pay is a significant step in giving users more choice and convenience while meeting their evolving payment preferences,\u201d Pete Albers, director of retail and payments activation for Google Play, said in a news release.\nThe release cites figures from the Bureau of Economic Analysis showing that $3 trillion in yearly consumer spending happens outside the traditional financial system, meaning that younger shoppers are seeking alternative payment solutions like Cash App Pay \u2014 which lets consumers pay with their Cash App balance or linked debit card \u2014 when shopping.\n\u201cNext gen shoppers are demanding more choices at checkout, and we know they\u2019re also looking for more ways to pay with their own money. This partnership not only empowers them to pay flexibly for the things they want, but it also marries two strong customer sets and maximizes their mobile utility,\u201d said Tanuj Parikh, head of partnerships, Cash App and Afterpay at Block.\nThe partnership comes as the way people choose to pay for things at checkout continues to change, as PYMNTS wrote earlier this week.\nFor example, digital wallets are now the fastest-growing payment option in the United States, especially among younger consumers.\n\u201cMost Americans say they use digital wallets more often than traditional payment methods,\u201d that report said. \u201cEven more intriguing, consumers who use this payment method tend to spend more than nonusers. According to a new Worldpay report, the payment method will overtake debit cards in transaction value in North America for in-store payments by 2027.\u201d\nThe popularity and payment values of these wallets make them a priority tool for businesses to integrate into their payment suites. Still, merchants have some catching up to do to keep up with this ongoing trend.\n\u201cSome notable stumbling blocks \u2014 including perceptions about security, complexity and legacy technology \u2014 are still holding many back,\u201d PYMNTS wrote.\nThe news came the same day that Cash App said it was shutting down its U.K. business in mid-September, as it makes the U.S. a greater priority.\nThe post Cash App Integrates With Google Play to Attract Gamers appeared first on PYMNTS.com.", "date_published": "2024-07-18T16:12:08-04:00", "date_modified": "2024-07-18T16:12:08-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/05/Google-Play.jpg", "tags": [ "Cash App", "Digital Payments", "digital wallets", "entertainment", "Gaming", "Google", "google play", "News", "partnerships", "Payment Methods", "PYMNTS News", "What's Hot" ] }, { "id": "https://www.pymnts.com/?p=2011516", "url": "https://www.pymnts.com/digital-payments/2024/insurance-industry-500-billion-digital-shift-driven-by-gen-z-expectations/", "title": "Insurance Industry $500 Billion Digital Shift Driven by Gen Z Expectations", "content_html": "As the second half of 2024 unfolds, the insurance sector finds itself in the midst of a profound shift. How profound? According to at least one industry insider, the digital transformation of the insurance business is happening on the scale that swept through retail in the late 1990s and the video industry with the advent of Netflix.
\nThis digital revolution is primarily driven by changing demographics and consumer expectations. As One Inc CEO Ian Drysdale told Karen Webster for the latest installment of the \u201cWhat\u2019s Next In Payments\u201d series, while baby boomers retire and millennials become the largest segment of society, insurance companies are grappling with how to serve a new generation of customers who expect seamless digital experiences.
\n\u201cWe\u2019re seeing the digitalization of insurance with a Gen Z and millennial focus. Everything being online \u2014 not only premiums, which might be a little bit more obvious, but also claims where we can close a claim completely over text message,\u201d Drysdale said.
\nOne Inc helps carriers transform their operations through reducing costs, increasing security and optimizing customer experience by digitizing their processes, payments and disbursements. The push toward digitization isn\u2019t merely about meeting consumer preferences; it\u2019s also a response to economic pressures. Drysdale said that the insurance industry is grappling with inflation rates far exceeding the general economy, with costs rising between 20% to 30% in some areas.
\n\u201cA lot of insurers are losing a lot of money because they\u2019re paying out more in claims than they\u2019re getting in premiums,\u201d Drysdale said. \u201cAs a result, they\u2019re under huge economic pressure and are looking for efficiencies.\u201d
\nThese efficiencies are being found in the digitization of payments and claims processes. Drysdale cited examples of significant cost savings achieved through digital transformation.
\n\u201cWorking with one of the largest life insurers that we all know really well, they saw reduced administrative costs by 20%,\u201d he said. \u201cWe\u2019re talking to insurers who, with our ClaimsPay solution, are saving $5, $10, $20 million a year because they\u2019re not killing trees, sending out envelopes with checks that get lost or can be defrauded.\u201d
\nThe scale of potential savings is immense. According to Drysdale, some in the industry believe there are between $250 and $500 billion in checks still being written in the insurance industry.
\nInstant Payments: The New Frontier
\nOne of the most significant shifts in the industry is the move toward instant payments. Drysdale explained that insurers are embracing technologies like RTP, FedNow and push-to-debit to provide immediate payouts to policyholders.
\n\u201cThey are looking for anything that allows them to pay you at the moment of truth, which is when you\u2019re on with a claims adjuster, you\u2019re in trouble,\u201d Drysdale said. \u201cMaybe it\u2019s after a storm or after an accident. They\u2019re like, \u2018Can we send you $5,000 right now?\u2019 And your phone buzzes with the deposit before you\u2019re even off the phone with that insurance company.\u201d
\nThis shift toward real-time, app-based interactions is not only improving customer satisfaction but also driving business results. Drysdale reported, \u201cWe\u2019re seeing 25% increased retention rates from insurers that are digitally interacting with customers. We\u2019re seeing Net Promoter Scores jump by 10 points, and customer satisfaction scores go up by 18% because of a fully-digital world.\u201d
\nThe Role of AI in Reshaping Insurance
\nArtificial intelligence, particularly generative AI, is set to play a crucial role in the future of insurance. Drysdale predicts that AI will be used to personalize premiums and assess risk at an individual level.
\n\u201cYou can bet any amount of money that over time the internet will be searched to see if you like to jump out of planes, or if you do what I did years ago and you go backcountry skiing or heli-skiing … anything that you do is ultimately going to get priced into your insurance policy,\u201d Drysdale said.
\nHowever, he also sees potential benefits for policyholders: \u201cThere will be a lot of costs taken out of the insurance industry because the gen AI will be processing all of the different information. And it will be coming up with a fair rate without humans being involved.\u201d
\nLooking Ahead
\nAs the industry moves towards the halfway point of the decade, Drysdale sees a clear direction for the future of insurance. \u201cWe\u2019re seeing a real shift toward app-based, real-time, less paperwork, kind of embracing a future of immediate results and immediate benefit in insurance and getting away from the olden days of waiting weeks and weeks and weeks for everything regarding insurance,\u201d he said.
\nThis shift is not just about technology, but about survival in a changing market. As Drysdale puts it, \u201cThe survivors are going to be with that up-to-date culture and get away from the insurance of old.\u201d
\nAs these technologies continue to evolve and mature, Drysdale expects them to deliver not only cost savings and efficiencies for insurers but also improved experiences and fairer pricing for policyholders. The challenge for industry players, he said, will be to navigate this digital revolution while maintaining the trust and security that are fundamental to the customer experience.
\n\n
The post Insurance Industry $500 Billion Digital Shift Driven by Gen Z Expectations appeared first on PYMNTS.com.
\n", "content_text": "As the second half of 2024 unfolds, the insurance sector finds itself in the midst of a profound shift. How profound? According to at least one industry insider, the digital transformation of the insurance business is happening on the scale that swept through retail in the late 1990s and the video industry with the advent of Netflix.\nThis digital revolution is primarily driven by changing demographics and consumer expectations. As One Inc CEO Ian Drysdale told Karen Webster for the latest installment of the \u201cWhat\u2019s Next In Payments\u201d series, while baby boomers retire and millennials become the largest segment of society, insurance companies are grappling with how to serve a new generation of customers who expect seamless digital experiences.\n\u201cWe\u2019re seeing the digitalization of insurance with a Gen Z and millennial focus. Everything being online \u2014 not only premiums, which might be a little bit more obvious, but also claims where we can close a claim completely over text message,\u201d Drysdale said.\nOne Inc helps carriers transform their operations through reducing costs, increasing security and optimizing customer experience by digitizing their processes, payments and disbursements. The push toward digitization isn\u2019t merely about meeting consumer preferences; it\u2019s also a response to economic pressures. Drysdale said that the insurance industry is grappling with inflation rates far exceeding the general economy, with costs rising between 20% to 30% in some areas.\n\u201cA lot of insurers are losing a lot of money because they\u2019re paying out more in claims than they\u2019re getting in premiums,\u201d Drysdale said. \u201cAs a result, they\u2019re under huge economic pressure and are looking for efficiencies.\u201d\nThese efficiencies are being found in the digitization of payments and claims processes. Drysdale cited examples of significant cost savings achieved through digital transformation.\n\u201cWorking with one of the largest life insurers that we all know really well, they saw reduced administrative costs by 20%,\u201d he said. \u201cWe\u2019re talking to insurers who, with our ClaimsPay solution, are saving $5, $10, $20 million a year because they\u2019re not killing trees, sending out envelopes with checks that get lost or can be defrauded.\u201d\nThe scale of potential savings is immense. According to Drysdale, some in the industry believe there are between $250 and $500 billion in checks still being written in the insurance industry.\nInstant Payments: The New Frontier\nOne of the most significant shifts in the industry is the move toward instant payments. Drysdale explained that insurers are embracing technologies like RTP, FedNow and push-to-debit to provide immediate payouts to policyholders.\n\u201cThey are looking for anything that allows them to pay you at the moment of truth, which is when you\u2019re on with a claims adjuster, you\u2019re in trouble,\u201d Drysdale said. \u201cMaybe it\u2019s after a storm or after an accident. They\u2019re like, \u2018Can we send you $5,000 right now?\u2019 And your phone buzzes with the deposit before you\u2019re even off the phone with that insurance company.\u201d\nThis shift toward real-time, app-based interactions is not only improving customer satisfaction but also driving business results. Drysdale reported, \u201cWe\u2019re seeing 25% increased retention rates from insurers that are digitally interacting with customers. We\u2019re seeing Net Promoter Scores jump by 10 points, and customer satisfaction scores go up by 18% because of a fully-digital world.\u201d\nThe Role of AI in Reshaping Insurance\nArtificial intelligence, particularly generative AI, is set to play a crucial role in the future of insurance. Drysdale predicts that AI will be used to personalize premiums and assess risk at an individual level.\n\u201cYou can bet any amount of money that over time the internet will be searched to see if you like to jump out of planes, or if you do what I did years ago and you go backcountry skiing or heli-skiing … anything that you do is ultimately going to get priced into your insurance policy,\u201d Drysdale said.\nHowever, he also sees potential benefits for policyholders: \u201cThere will be a lot of costs taken out of the insurance industry because the gen AI will be processing all of the different information. And it will be coming up with a fair rate without humans being involved.\u201d\nLooking Ahead\nAs the industry moves towards the halfway point of the decade, Drysdale sees a clear direction for the future of insurance. \u201cWe\u2019re seeing a real shift toward app-based, real-time, less paperwork, kind of embracing a future of immediate results and immediate benefit in insurance and getting away from the olden days of waiting weeks and weeks and weeks for everything regarding insurance,\u201d he said.\nThis shift is not just about technology, but about survival in a changing market. As Drysdale puts it, \u201cThe survivors are going to be with that up-to-date culture and get away from the insurance of old.\u201d\nAs these technologies continue to evolve and mature, Drysdale expects them to deliver not only cost savings and efficiencies for insurers but also improved experiences and fairer pricing for policyholders. The challenge for industry players, he said, will be to navigate this digital revolution while maintaining the trust and security that are fundamental to the customer experience.\n \nThe post Insurance Industry $500 Billion Digital Shift Driven by Gen Z Expectations appeared first on PYMNTS.com.", "date_published": "2024-07-17T04:03:57-04:00", "date_modified": "2024-07-16T20:36:47-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/07/One-Inc-SB1.jpg", "tags": [ "artificial intelligence", "Digital Payments", "digital shift", "digital transformation", "Featured News", "Gen Z", "Ian Drysdale", "instant payments", "Insurance", "News", "one inc", "PYMNTS News", "pymnts tv", "real time payments", "video", "WhatsNextInPaymentsSeries", "What\u2019s Next In Payments: The Halftime Report 2024" ] }, { "id": "https://www.pymnts.com/?p=1975245", "url": "https://www.pymnts.com/digital-payments/2024/flipkart-adds-new-bill-pay-recharge-options-ecommerce-platform/", "title": "Flipkart Adds New Bill Pay, Recharge Options to eCommerce Platform", "content_html": "Walmart-owned Indian eCommerce marketplace Flipkart added new ways for customers to pay bills and recharge payments while shopping on the platform.
\nThe company has added FASTag, direct-to-home recharges, landline, broadband and mobile prepaid bill payments to its app, Flipkart said in a Wednesday (July 10) press release.
\nThe new recharge and bill payment categories join the electricity and mobile prepaid recharge options already available on the app, according to the release.
\nThe move is meant to bring continuing innovation to customers and create a one-stop shop that meets their needs, Gaurav Arora, vice president of payments and SuperCoins at Flipkart, said in the release.
\n\u201cWith a rapid surge in the digital payments industry, customers are increasingly opting for electronic mode for paying their bills,\u201d Arora said. \u201cWe have diversified our selection of services in line with Flipkart\u2019s vision to simplify the digital payments journey for customers and further the government\u2019s vision of a cashless economy.\u201d
\nTo help integrate the new services with the Bharat Bill Payments System (BBPS) developed by the National Payments Corporation of India, Flipkart partnered with payment solutions company BillDesk, per the release.
\nAjay Kaushal, co-founder and director of BillDesk, said in the release: \u201cThis strategic expansion allows Flipkart customers to experience seamless bill payments, receive timely notifications and check amounts due across their preferred billers, leveraging BBPS capabilities.\u201d
\nIn another product introduction, Flipkart said in June that it launched a Unified Payments Interface (UPI) payment app dubbed super.money that offers up to 5% back on purchases.
\nThe app also offers \u201ccredit cards that improve your credit\u201d and \u201cpersonal loans that won\u2019t take multiple red tape to get,\u201d super.money said.
\nIn March, Flipkart launched a UPI handle to enhance its digital payment offerings by adding the instant payments system. The company said at the time that the Flipkart UPI allows users to set up their own UPI handle for transactions, both online and offline, and both within and outside the Flipkart marketplace.
\nDheeraj Aneja, senior vice president of FinTech and Payments Group at Flipkart, said at the time that \u201cFlipkart UPI underscores our dedication to shaping a digitally empowered society and reaffirms our role as a leading catalyst in India\u2019s digital evolution.\u201d
\nThe post Flipkart Adds New Bill Pay, Recharge Options to eCommerce Platform appeared first on PYMNTS.com.
\n", "content_text": "Walmart-owned Indian eCommerce marketplace Flipkart added new ways for customers to pay bills and recharge payments while shopping on the platform.\nThe company has added FASTag, direct-to-home recharges, landline, broadband and mobile prepaid bill payments to its app, Flipkart said in a Wednesday (July 10) press release.\nThe new recharge and bill payment categories join the electricity and mobile prepaid recharge options already available on the app, according to the release.\nThe move is meant to bring continuing innovation to customers and create a one-stop shop that meets their needs, Gaurav Arora, vice president of payments and SuperCoins at Flipkart, said in the release.\n\u201cWith a rapid surge in the digital payments industry, customers are increasingly opting for electronic mode for paying their bills,\u201d Arora said. \u201cWe have diversified our selection of services in line with Flipkart\u2019s vision to simplify the digital payments journey for customers and further the government\u2019s vision of a cashless economy.\u201d\nTo help integrate the new services with the Bharat Bill Payments System (BBPS) developed by the National Payments Corporation of India, Flipkart partnered with payment solutions company BillDesk, per the release.\nAjay Kaushal, co-founder and director of BillDesk, said in the release: \u201cThis strategic expansion allows Flipkart customers to experience seamless bill payments, receive timely notifications and check amounts due across their preferred billers, leveraging BBPS capabilities.\u201d\nIn another product introduction, Flipkart said in June that it launched a Unified Payments Interface (UPI) payment app dubbed super.money that offers up to 5% back on purchases.\nThe app also offers \u201ccredit cards that improve your credit\u201d and \u201cpersonal loans that won\u2019t take multiple red tape to get,\u201d super.money said.\nIn March, Flipkart launched a UPI handle to enhance its digital payment offerings by adding the instant payments system. The company said at the time that the Flipkart UPI allows users to set up their own UPI handle for transactions, both online and offline, and both within and outside the Flipkart marketplace.\nDheeraj Aneja, senior vice president of FinTech and Payments Group at Flipkart, said at the time that \u201cFlipkart UPI underscores our dedication to shaping a digitally empowered society and reaffirms our role as a leading catalyst in India\u2019s digital evolution.\u201d\nThe post Flipkart Adds New Bill Pay, Recharge Options to eCommerce Platform appeared first on PYMNTS.com.", "date_published": "2024-07-11T17:20:18-04:00", "date_modified": "2024-07-11T17:20:18-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2022/04/Flipkart.jpg", "tags": [ "bill payments", "Digital Payments", "digital transformation", "ecommerce", "FASTag", "Flipkart", "india", "international", "Mobile Applications", "News", "PYMNTS News", "walmart", "What's Hot" ] } ] }