Have you seen The Marketing Operations Playbook?

Learn the insider's tricks and techniques to super-charge your company's marketing operations, build up your market share, make more sales through repeat business and customer loyalty, and prove your marketing's true worth through analysis and reporting.

Get it on Amazon (Kindle/Print)

Half of consumers are happy with digital payments

And it's all thanks to the Covid-19 pandemic

The COVID-19 pandemic shed light on the influence of these digital payment services - as they grew market share and consumers accelerated their usage and adoption of these products. The paper, entitled State of the Union: Global Digital Payments and Fintech Ecosystem, analyzes these shifts and other trends prevalent within the industry.

"With nearly 3 in 5 people using at least one type of digital payment service in their day-to-day spending, the State of the Union report shows the importance of digital commerce for consumers around the globe," said Kiran Pookote, director of business strategy at Discover. "These statistics reflect the impact of COVID-19 on digital behavior and the ways it will continue to shape the economy post-pandemic."

In order to address these trends, partnerships between fintechs and payment companies will likely be critical, highlighting the need to work together on developing technologies for the evolving payments ecosystem. Eighty six percent of fintech vendors said they are reliant on payment companies to help them implement payment technologies.

"Fintechs looking to quickly innovate and address customer demand on a global scale can benefit from pursuing partnerships with a company like Discover Global Network - that provides them with customized payment solutions, expertise and has a history of successful partnerships," said Pookote, who will be at Money 20/20 in Las Vegas and able to further discuss the findings.

Key findings from the paper included:

• Impact of COVID-19 On Digital Payments
  Globally, 1 in 3 consumers said they began using digital payments for the first time within the last year, while more than half (52%) said they transitioned all or most of their in-store spending to online. Further, 49% say they are now more comfortable with making digital payments as a result of COVID-19.
• Consumer Shift to Digital Wallets
  According to the report, in 2020, digital wallets are reported to represent 27% of in-store spending, 41% of e-commerce spending and 46% of mobile commerce spending. By 2025, digital wallets are projected to account for more than US$10 trillion in global transaction volume between in-store and e-commerce.
• Partnerships for Fintech Vendors are Key
  Nearly 9 out of 10 fintech vendors said contactless payments and linking loyalty programs and rewards to a customer's payment card were relevant to their business needs. Some 78% of fintechs indicated they currently partner or work with a payment network, and an additional 18% said while they don't currently, such a partnership is possible.
• Global Payment Adoption
  Digital wallets ranked as the most widely used digital payment service overall, with respondents in Singapore (74%), India (70%) and China (61%) exhibiting the highest increase in usage. In these markets, many digital wallets have evolved into "super apps," encompassing a wide range of services, from payments to purchasing movie tickets to insurance.

Have you seen The Marketing Operations Playbook?

Learn the insider's tricks and techniques to super-charge your company's marketing operations, build up your market share, make more sales through repeat business and customer loyalty, and prove your marketing's true worth through analysis and reporting.

The Marketing Operations Playbook walks you step-by-step through the techniques, metrics, reporting, analysis, marketing models, technologies, tools and innovations for successful marketing strategies - both traditional and emerging - with expert guidance from thought leaders in every major market.

Find out the best ways to gather, analyse, and act on customer data to increase profitability, build your brand, empower your customers, beat the competition, reduce churn, and increase customer profitability. This is the marketing book you can't afford to be without.

Find out what works - and what doesn't - and who's succeeded, and how they did it. See how the world's top brands keep their competitive edge against all odds.

This comprehensive and practical guide to the latest ideas in marketing operations hands you over 200 packed pages of strategy, best practices, do's and don'ts, practical know-how, facts and figures, and ideas to optimise your marketing strategy, boost sales, market share, increase ROI and profit.

This book aims to hand you all the facts, figures and research data you need for the best decisions for a more profitable, more engaging marketing strategy. It also highlights all the facts, forecasts and trends identified by our experts from the global Marketing Factbook's vast database of market data, news, studies, research and articles, and presents you with an invaluable library of ideas and practical support you can call upon at will.

With The Marketing Operations Playbook at your side, you'll gain to a true goldmine of easily adaptable and up-to-date strategies, walk-throughs, trends, research and market data, plus all the supporting arguments you need to build a solid, profitable marketing strategy: All the know-how, strategies and ideas you need to get your own Marketing Playbook right, first time.

Get it on Amazon (Kindle/Print)