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Discover Global Network unveils findings from 2024 PSOU

Monday 3 June 2024 14:34 CET | News

Discover Global Network has unveiled the initial segment of the 2024 Payment State of the Union (PSOU) industry study.

 

The study, conducted in collaboration with S&P Global Market Intelligence’s 451 Research, delves into merchant payment experience and discerns trends related to customer payment priorities, merchant challenges, and advancements in digital payments. At Money 20/20 Europe, Discover Global Network plans to offer a preview of the PSOU results, shedding light on emerging industry trends based on feedback from global merchants and consumers.

 

Discover Global Network has unveiled the initial segment of the 2024 Payment State of the Union (PSOU) industry study.

 

Some of the main insights from the study 

Here are the key insights from respondents in the study: 

  • Payment Diversification: Merchants recognise the strategic importance of offering a seamless payment experience to drive competitive differentiation. A significant majority of merchants (61%) view payments as a crucial area for competitive advantage. Offering a variety of digital payment options is deemed essential by over half of merchants (53%) to enhance conversions, echoing consumers' preference for paying via their chosen method. 
  • Click and Mortar: Despite the growing prominence of online spending, in-store purchases are on the rise, with 43% of global consumers expecting to spend most of their discretionary income in physical stores in 2024. However, consumers express frustration with the current omnichannel payment experience, indicating an opportunity for improvement. 
  • Tap to Pay on Mobile: Merchants perceive tap-to-pay on mobile as a significant driver for their organisations in the coming years, with 92% considering it valuable. Consumers also express comfort with in-person mobile payments, with 73% comfortable using this method. Merchants prioritise enhancing the checkout experience to accommodate evolving consumer preferences, including promoting contactless payment options and offering instalment/financing choices. 

Discover Global Network emphasises the importance of aligning payment options with changing consumer preferences to facilitate higher conversions and enhance the overall shopping experience. 

At Money 20/20 Europe, officials from Discover Global Network and representatives from 451 Research will present a detailed analysis of the PSOU findings, discussing their implications for the payments landscape and the needs of merchants and consumers. 

The survey, conducted in Q1 2024, gathered insights from 5,030 consumers and 2,258 merchants across various global markets, including Brazil, Canada, China/Hong Kong, Germany, India, Japan, Mexico, Singapore, the UK, and the US.


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Keywords: payments , study, research, customer experience, survey
Categories: Payments & Commerce
Companies: Discover Global Network
Countries: World
This article is part of category

Payments & Commerce

Discover Global Network

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