- “During its WWDC speech, Apple announced a new service called Apple Pay Later that will allow consumers to make mobile and online purchases sliced into four payments over six weeks at the millions of U.S. retailers that already accept Apple Pay. The offering won’t include fees or other charges, the company said, requiring only a “soft” credit check and review of the user’s transaction history with Apple.”
“Omnichannel touchpoints are increasingly crucial in digital banking: In Australia, 93% of respondents say they prefer to bank online in some form. Evidence that digital banking is the new norm. However, it is still essential to provide various digital options, as 62% say they prefer using the app from their bank or credit union, while 31% prefer their desktop web browser.
Some people still prefer in-person banking at a branch (7%). Overall, this is aligned with global trends, and Entrust says it’s essential for banks to offer omnichannel, digital-first solutions to resonate with today’s consumers.
Customers are security-conscious, and lack of security can have damaging consequences: 95% of respondents from Australia say they were concerned about the potential of banking or credit fraud as banking and credit become more digital. 23% of respondents had personal experience with these fraud risks, having received notification of a personal banking or credit fraud in the past 12 months. These incidents harm customer loyalty, as 43% of respondents notified of fraud changed their bank or credit union as a result.
Fee structures and flexible payment options give banks an edge: Consumers are most likely to consider lower fees, digital solutions and security when choosing or changing their bank. Consumers looking for high-quality, low-cost digital banking, new entrants, or neobanks, could add to their current disruption by offering things like fee-free overdraft protection and unlimited foreign exchange. There is widespread interest in the digital banking atmosphere, with 66% of respondents from Australia saying they would consider using a branchless online banking service for their banking.
More digitally issued cards could further fuel the rise of mobile payments: 63% of respondents from Australia listed contactless credit or debit cards as their most preferred payment method, while 28% listed contactless mobile payments. Digital cards can be an effective selling point as 56% of survey respondents from Australia indicated their preference to open a bank account digitally.”
- “According to Credit Suisse, the digital payments market in India will be worth $1 trillion in the next four years, up from about $200 billion currently.
- According to industry estimates, more than 100 million people in India today use mobile payments services.
- Amazon, Google, and Samsung entered the payments market in India, leveraging an open payments infrastructure called UPI (Unified Payments Interface) built by a coalition of banks and backed by the government.
- Google Pay has amassed over 67 million monthly active users, the company revealed earlier this year.
- If those challenges weren’t enough, WhatsApp, which has amassed more users than any other service in India, is expected to roll out its payments service to all of its 400 million users in the country in the coming weeks.”