It`s been a busy week for the industry, with new developments and two key events – PayExpo in London and Merchant Risk Council’s meeting in Chicago – which have kept the conversation around current trends going. Also, preparations for the upcoming edition of Money 2020 US are in full swing.
On the news front, here are the top intiatives that have caught our attention.
Top investments and acquisitions
While in early September the Dutch payments company Adyen won H&M as a customer, a couple of weeks later, H&M takes stake in fintech company Klarna. The fashion chain is set to use the Swish group for online and in-store payments.
Also, Chinese eCommerce company Tencent has signalled its interest in the banking field by investing USD 180 million in Brazilian neobank Nubank.
The “big three” Pays and a game of numbers
Apple Pay is the go-to digital wallet for the majority of debit card users, according to latest research. More specifically, it now represents over 77% of mobile payments among debit card users.
These are the findings of a study released by Auriemma Consulting Group. Samsung Pay and Google Pay account for 17% and 6% of transactions, respectively. The consultancy company explains the Apple Pay dominance by stating that it was “the first to market when it launched in 2014 and has seen higher adoption, particularly among debit card users”. In addition, “the high adoption rate among debit card users may come down to demographics,” according to Anita Solaman, Director of Auriemma’s Debit Management Roundtable, an information-sharing group for product executives. “Apple users skew younger, and younger consumers are more likely to be debit users.”
Amazon Pay available with Alexa Skills
In Europe only, for now. Amazon Pay for Alexa Skills is now available for merchants and developers across the UK, Ireland, Germany, Austria and France. With Amazon Pay for Alexa Skills, brands and merchants can use Amazon’s simple voice purchasing flow to sell goods or services, including event tickets, transportation, flower deliveries and more.
How does it work? The customer can now complete the purchase without having to leave the voice experience to enter credit card or shipping address information. Merchants will first register with Amazon Pay and then link their Amazon Pay account with their Alexa skill in Seller Central. Amazon Pay integrates with existing CRM and order management solutions, so merchants can manage their sales as part of the existing process.
Voice commerce: a development which we’ll surely keep an eye on.
What is consumers’ favourite shopping destination?
This is one of the main questions around which eCommerce Foundation focused their latest Global Ecommerce Report. Consumers still prefer to shop in-store, which means that online shopping is not killing traditional
retail just yet; however, their expectations have changed.
“Smaller stores featuring a curated product selection capable of generating a higher profit per square foot, events that keep the shopping experience fresh and highly personalized service are making in-store shopping a dynamic adventure.” – Stratix Corp
Other key findings include:
- Global B2C eCommerce sales will reach USD 2.1 trillion in 2018
- China is the most popular online shopping destination globally
- Online buyers want clear info on delivery charges pre-purchase
- Global online shopping cart abandonment rate has witnessed a slight decrease from 71.16% in 2013 to 69.2% in 2017.
Countdown to Money 2020 Las Vegas
Almost one week left. In case you are planning to attend the event, feel free to drop by for a chat at our booth or arrange a meeting in advance with our team.