Consumers are increasingly seeking the ability to choose their preferred payment method, driving a surge in demand for a variety of digital payment options, as per Discover Global Network. The 2024 Payment State of the Union report unveiled that 63% of consumers prioritize the ability to select a suitable payment method to complete a purchase transaction.
Among the various payment methods, tap-to-pay on mobile phones has emerged as a frontrunner, with 92% of retailers recognizing it as a crucial sales driver over the next three years. The simplicity of this payment method has resonated with consumers, leading to a rising demand for more tap-to-pay options on mobile devices.
Moreover, the report highlighted that 73% of consumers feel secure when using their card or mobile phone for transactions. Merchants have also reaped benefits from the increase in tap-to-pay transactions, with 61% noting the convenience of accepting payments anywhere and 56% experiencing enhanced personalized sales experiences.
Despite an anticipated 57% of consumers intending to allocate the majority of their disposable income online, in-store purchases are witnessing a resurgence. The percentage of consumers opting to make in-store purchases has increased from 39% in 2023 to 43% in 2024, with North America and EMEA leading the trend. In North America, 55% of consumers plan to spend their disposable income in stores, while in EMEA, the figure stands at 48%.
Rajib Gupta, vice president of international markets (EMEA) at Discover Global Network, emphasized the importance of merchants aligning their payment options with evolving consumer preferences as more consumers gravitate towards in-store shopping. This presents an opportunity for merchants to enhance their payment offerings to meet the changing needs of consumers.
