#ATPS - Preferred payment methods and merchant’s offerings

12^th October, 2020

Travel merchants are evaluating payment preferences in different markets.

The shift in consumers' shopping, eating and payment preferences can also give an indication of the same. A study initiated by PayPal in the U. S. has indicated that online grocery has increased by 4.5X, online retail has increased by 3.2X and online food ordering has increased by 4X.

Other highlights:

• Consumers are cutting back on spending and watching their finances closely. That’s why short-term installment offerings are gaining popularity.  

• It’s digital payments or bust - Seventy percent of #millennials and 71% of #GenZ report #digital #payments impacting their willingness to shop in store, compared to #GenX at 55% and #babyboomers and seniors at 46%.

• Brand trust and loyalty reign supreme - Consumers are starting to place more of an emphasis on shopping directly with brands.

Shoppers have embraced contactless or touch-free transactions.

“The coronavirus has accelerated a trend that was already in progress. The appetite for contactless payments is growing, so airlines can expect to see an increased demand for mobile payments such as Apple Pay and Google Pay. As consumers regain the confidence to travel, they’ll expect airlines to support their payment needs - and travellers in different markets will have different preferences. Meeting those preferences in each region allows airlines to boost conversions and reduce abandoned transactions due to payment friction, or lack of available payment method,”  Stephane Druet, SVP Product and Marketing at CellPoint Digital told Ai in a recent interview.

Join experts and explore new trends in payments and fraud at Ai’s #ATPS Virtual Conf. : 20 - 22 Oct 2020

https://lnkd.in/dHqfzvZ