The future of payments

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1 The future of payments

2 TNS 2013 future of payments study. TNS UK undertook research among 1702 UK consumers who had recently made payments, about those purchase occasions. The research was carried out in consultation with the payments industry and covers all current major payment methods. Fieldwork took place in May The research sought to identify opportunities for payment methods to better serve consumers. All data in this report is among overall sample unless otherwise stated. 2

3 Making sense of payment proliferation Today s consumer has almost limitless ways to pay for goods or services. Where once we had a simple choice between cash cheque or card, there is now a multitude of other options from contactless cards to PayPal, online to smartphone apps. These competing payment methods are sold to consumers on their simplicity and ease of use, promising a perfect fit with our lifestyle and shopping habits. In fact, the vast number of competing means of payment available today has left the consumer underwhelmed and overloaded with choice. No single method of payment has yet succeeded in combining the simplicity, security and dependability of hard currency for the majority, although banking apps, mobile and contactless payments are valued by increasing numbers of people. The challenge remains to engage individual consumers with the payment options that suit them best for each transaction and give them the level of control and certainty they are seeking. This report, based on a major study of 1702 UK consumers, outlines how the challenge can be addressed.

4 Changing behaviours Technology is changing the way we think about purchasing and payment. New methods and devices are affecting our expectations of payment in terms of accessibility, security and rewards. A range of providers from banks to telcos, hardware manufacturers to retailers have harnessed technology to create a multitude of ways to pay, resulting in a veritable soup of payment brands. TNS UK s research reveals that the average consumer uses five different payment methods each month, with a third using six or more. New methods and devices are affecting our expectations of payment in terms of accessibility, security and rewards. 4

5 4.9 Types of payment used every month Over 1/3 of customers use six or more The future of payments 5

6 How we spend our money Cash, credit cards and debit cards are still among the most popular methods of payment, although half of consumers use newer technologies such as online and PayPal at least once a month. Smartphone apps and contactless cards are beginning to establish themselves as payment methods, although take-up has been slower than expected by many in the industry. Consumers spend smaller amounts with cash and through online retail, while cheques, phone and online banking are used for bigger transactions. 6

7 Consumers use a wide range of payment methods Using payment method each month % Spend per occasion Cash Debit card PayPal Credit card Online CC/DC Online banking Cheque Retail loyalty card Online to retailer Phone banking Contactless 8 24 Smartphone app 4 24 The future of payments 7

8 Different methods for different occasions Consumers are using different payment methods for different occasions. Cash predominates for small items, while most clothing, electronics and books are bought online. Groceries and fuel are dominated by payment cards, while cheques remain the overwhelming favourite for paying tradespeople. Mobile is the most favoured way of buying digital services, such as in-app purchases. While some occasions are dominated by a single payment type, the likely trend is for further fragmentation as smaller merchants and tradespeople adopt new methods of payment. A number of different payment types for different occasions % Cash Debit card Credit card Clothes, electronics, books Digital Groceries Restaurants & takeaways Small items Trades Base: sample size varies from 115 (digital downloads) to 1450 (groceries) 8

9 While some occasions are dominated by a single payment type, the likely trend is for further fragmentation. Cheque Over the phone Online Mobile Other The future of payments 9

10 The three core needs of consumers Regardless of the situation or payment type, consumers seek three core benefits. A payment method must be: Dependable it must always work and be accepted Simple a single quick and easy step to make a transaction Secure protects against fraud and ID theft, an increasing consumer concern. Currently, only cash fully meets all three core needs. However, consumers have a range of other needs and preferences from their payment methods which change according to different purchase occasions, and which influence their preferred method of payment. Understanding the different types of consumer, and how their preferences change from occasion to occasion, is vital to supplying each person with the right way to pay. Only cash currently meets the core needs Cash Debit cards Online bank account Contactless card Online 3rd party Credit card Mobile Dependable Simple Secure Fully meets these needs Partially meets these needs Does not meet these needs 10

11 Understanding what consumers want When considering payment options, consumers often have a variety of needs over and above these core needs, such as covering large or unexpected expenses, getting balance updates or even building reward points. Many purchases require a trade-off between the various needs. To understand these trade-offs, TNS used its Matrix methodology to map the tensions between the different requirements of particular payment occasions. So having established the payments landscape we then asked our sample of UK consumers for their ideal requirements for a range of payment occasions, and then asked them to rate different payment methods against those requirements. This enables us to plot how well current methods are meeting particular payment occasions, and also to identify areas where consumers needs are not adequately met. The future of payments 11

12 Tensions and trade-offs Every payment method involves a compromise between benefits. For example, consumers making some types of purchase want a simple, anonymous transaction one that always works and doesn t disclose personal information but at the same time require a validated and informed payment that prevents fraud and provides information such as spend summaries. There is also tension between dependable and flexible methods that are widely accepted and can be used in a variety of situations and smart and connected, which are based on new technologies and incorporate additional functions (and personalisation). Matrix enables us to plot various payment types according to how well they fulfill consumers needs. There are a number of trade-offs consumers need to make when choosing a payment type. 12

13 Smart and connected Simple and anonymous Validated and informed Dependable and flexible The future of payments 13

14 Tensions and trade-offs Cash is naturally at the simple and anonymous pole, while credit and debit cards are seen as dependable and flexible, while also tending towards validated and informed. Newer technologies such as phone/tablet payments and contactless cards score highly for smart and connected, but low for dependable and flexible, while online and phone banking are more associated with the need for validated and informed with neither the smart and connected nor the dependable and flexible. Consumer perceptions of product characteristics determine where they fit. 14

15 Smart and connected Card reader for phone/tablet Phone/tablet payment Contactless payment card Simple and anonymous Cash Cheque Online banking Online 3 rd party e.g. PayPal Phone banking Validated and informed Debit cards Credit cards Dependable and flexible The future of payments 15

16 Plotting consumers ideal needs Having established consumers perceptions of the merits of various payment methods, we looked at their ideal needs for different types of payment occasion. Our data identifies six customer needs, which can be assigned to two levels. These are mapped on the facing page. The first group of needs (in orange) are more straightforward and together account for 41% of consumer spend. These are: No-hassle, quick and easy payment such as buying small items from a local shop (10% by value of all transactions) Recognised and accepted assurance that the consumer can buy much-needed goods at most available places, for example when buying fuel (15% of spend) Enhanced fraud protection and benefits typically in situations where consumers spend larger amounts of money with third parties, and expect the transaction to be secure but also to result in benefits such as insurance or air miles (16% of spend). The research identified three advanced needs (in red), which reflect consumers desire for high levels of service, access to information 24 hours a day, and the ability to customise or use smart services. The advanced needs fall into two distinct groups. The first, accounting for 33% of all spend, concerns financial management, broken down in the following way: Budget planning enabling users to have instant access to balance summaries so they can manage their spend while paying. (14% of spend) Service & in-control a need for detailed tracking of each payment and control over when payments are debited (19% of spend) The last advanced need, personalised & intelligent, accounts for the biggest proportion of all spending. It focuses on the need for customised smart services: users want to integrate the purchase and payment process into other activities such as searching for deals, reading reviews and receiving rewards (26% of spend). Satisfying these more straightforward needs is not enough for all occasions. Many expect a range of personal benefits from increasingly sophisticated payment methods. 16

17 The six needs are complementary and fit with different parts of the market landscape Smart and connected 10% 14% Budget planning 26% Personalised and intelligent Simple and anonymous No hassle, quick & easy Service & in-control 19% Validated and informed 15% Recognised & accepted 16% Fraud protection & benefits Dependable and flexible The future of payments 17

18 The personalised payment opportunity Personalisation together with the opportunity for co-creation is one of the hottest topics in commerce. Shoe retailers are enabling consumers to design their trainers online; soft-drink manufacturers have developed apps that enable users to mix flavour combinations at drinks fountains in restaurants; and car buyers can choose every aspect of their vehicle through the manufacturer s website. Personalisation and co-creation, it seems, are everywhere: except for payments. If we plot the payment types against the six needs we have identified, we can see that all the needs are met by existing payment methods with the exception of personalised and intelligent, which accounts for the largest share of total spend. The research shows that there are many opportunities to meet consumers needs better. That, combined with the challenge of meeting the personalised and intelligent need, represents a major opportunity to capitalise on consumer demands. Personalisation and co-creation, it seems, are everywhere: except for payments. 18

19 Currently no payment methods meet personalised & intelligent need Fully meets these needs Partially meets these needs Does not meet these needs Cash Debit cards Credit card w/o benefits Credit card with benefits Online bank account Online 3rd party Tech enabled payments No-hassle, quick and easy Recognised and accepted Fraud protection and benefits Budget planning Service and in-control Personalised and intelligent The future of payments 19

20 Types of consumer As we know, consumers are not a homogeneous group. Every purchaser has a different mix of characteristics, attitudes, behaviours and priorities. And just as each payment method is subject to various tensions and trade-offs, consumer attitudes can be broken down into two dimensions that drive their purchasing and payment behaviours. These dimensions are the level of engagement with, or detachment from, technology; and their level of financial involvement. Plotting consumers on these two dimensions, we have identified five main types of consumer. The first two types represent those who have a strong engagement with technology and moderate levels of financial involvement; together, they represent 40 per cent of the population. At the other end of the scale are those who are less engaged with technology either through lack of purchasing power (financially disengaged) or through concern at limiting risk (conservatives). Finally, the wealthy traditionalists are financially astute, but less engaged with modern technology. These five groups have very different priorities and preferences for ways to pay. 20

21 The five consumer types The tech-savvy best deal seeker The tech lover with limited budget The financially disengaged Risk-averse conservatives Wealthy traditionalists 23% 17% 18% 19% 23% Proportion of overall spend The future of payments 21

22 Matching methods with consumers If we look at the characteristics and attitudes of the five consumer types, we can identify the needs that will influence their preferred methods of payments. The two tech-engaged groups are the most likely to identify with personalised and intelligent payments. This further highlights the opportunity of developing such methods, as these groups are typically the early adopters or trend-setters whose advocacy will power awareness and interest. The risk-averse conservative and, to some extent, financially disengaged are more concerned with managing their money and minimising risk, ideally without the distraction of new technology. Finally, the wealthy traditionalist, with huge spending power and low interest in technology, wants a method that is universally accepted and brings enhanced benefits or rewards. All five consumer segments share common core needs when it comes to their payment choices simple, dependable and secure. It is the needs they have beyond this that determine how invested they will become in a new payment type. The choice financial institutions and technology enablers need to make is how to personalise their offers enough to include the majority, without compromising on simplicity or security. Phil Sutcliffe Board Director TNS UK 22

23 The future of payments 23

24 Turning knowledge into action Sometimes an idea that sounds great in the boardroom simply doesn t translate into the real world. The mobile app revolution, for example, has seen a deluge of apps from brands and retailers anxious not to miss out on the next big thing. Often these apps fail to meet the actual needs and habits of real people, or are more time-consuming than the method they have sought to replace. By identifying the different types of consumers, their concerns and preferences and the different types of purchasing occasion, we have provided a framework on which technology firms, consumer goods manufacturers, retailers and payment providers can build a winning strategy for engaging consumers with the payment methods that suit them best. So it is with payments. There is no point in introducing a new way to pay, if it does not take into account the users preferences and needs. 24

25 The future of payments 25

26 The tip of the iceberg The framework presented in this brochure will be helpful to any organisation that is planning a new or updated payments strategy; however, even greater value can be gained from the comprehensive data set gathered from the research. To unlock the detail, and to find out how TNS can help to drive the growth of your business, contact: Phil Sutcliffe Board Director, TNS UK

27

28 About TNS UK TNS UK is part of TNS Global, the world s biggest research company. TNS delivers precise plans to help our clients grow. Whatever your challenge TNS UK can help: Innovation & Product Development Brand & Communications Retail & Shopper Customer, Employee & Reputation Qualitative Automotive TNS 6 More London Place London SE1 2QY United Kingdom t +44 (0)

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