Discover® Global Network Study Shows 85% of Consumers are Less Likely to Interact with a Business Due to a Poor Payment Experience
Improved payment experiences are vital to merchants, with 94% considering payments a strategic priority
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Payments are at the heart of omni-channel success (Graphic: Business Wire)
Here are key takeaways from respondents in this new study:
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Payment Diversification Can Drive Competitive Differentiation for Merchants
- Merchants see value in a seamless payment experience: Nearly two out of three (61%) merchants say payments are a highly strategic area of focus that drives significant competitive differentiation.
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Merchants see an assortment of digital payment options as a key driver: More than half of merchants (53%) said offering a variety of digital payment options is the top strategy for driving conversions, highlighting the need for diverse payment integration for a personalized payments experience.
- Consumers agree with merchants: the ability to pay using a preferred payment method is the most significant factor (63% strongly agree) influencing consumers to complete a purchase.
- Merchants realize there is room for improvement: Less than one out of four (23%) merchants believe they are providing highly engaging digital experiences for customers.
“We’re seeing a continuing trend of merchants viewing payments as a driver for top- and bottom-line improvements, in addition to customer experience enhancements,” said
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Click and Mortar: Omnichannel Options are a
Key Pain Point for Consumers and an Opportunity for Merchants-
In-store payment experiences should not be overlooked: While most consumers globally (57%) expect to spend most of their discretionary income online this year, in-store purchases are rebounding, rising to 43% in 2024, up from 39% in 2023.
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Consumers in both
North America and EMEA are driving in-store spend. More than half (55%) of consumers inNorth America and nearly half (48%) of consumers in EMEA expect to spend the majority of discretionary income in-store.
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Consumers in both
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Consumers are frustrated by today’s omnichannel experience: Over the last six months, a lack of omnichannel options is the primary pain point consumers experienced after making a payment to businesses.
- Merchants recognize there’s work to be done as 86% agree their omnichannel payment experience needs improvement.
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In-store payment experiences should not be overlooked: While most consumers globally (57%) expect to spend most of their discretionary income online this year, in-store purchases are rebounding, rising to 43% in 2024, up from 39% in 2023.
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Tap to Pay on Mobile and Integrated Checkout Experiences Are a Key Piece of the Future In-Store Experience
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Merchants see tap to pay on mobile (92%) as the #2 two value driver for their organizations over the next three years.
- The benefits of Tap to pay on Mobile drives merchant interest: The ability to accept payments nearly anywhere (61%) and deliver a more personalized sales experience (56%) are the top two use cases driving merchant interest in the technology.
- Consumers enjoy ease of tap-to-pay on mobile: Nearly three out of four consumers (73%) are comfortable making an in-person payment by tapping their card or phone onto a merchant’s mobile device.
- Merchants are prioritizing unique checkout experiences: In addition, to convert more shoppers in-store, merchants are prioritizing ways to offer an integrated app checkout experience that combines payment, offers and rewards (43%), promote contactless payment options (39%) and offer more installment/financing options (39%).
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Merchants see tap to pay on mobile (92%) as the #2 two value driver for their organizations over the next three years.
“With more consumers returning to in-store shopping, merchants have an opportunity to elevate their payment options to ensure they reflect the changing preferences of consumers," said Gupta. “Whether it’s tap on pay mobile or contactless payment options, Discover Global Network offers the payment tools and resources merchants need to help convert customer sales.”
Money 20/20
Discover’s
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When:
Tuesday, Jun. 4 10:30 AM Local Time - Where: The Singularity Stage, RAI
- What: Enhancing the Payments Experience: Balancing Merchant & Consumer Needs
“This year’s survey revealed the value of payments for both merchants and consumers. Merchants are recognizing how diverse payment options can lead to higher conversions, while consumers are prioritizing payment methods tailored to their individual needs and requirements,” said
For a deeper dive into these findings, visit (or download) the full study.
Survey Methodology
A global survey of 5,030 consumer and 2,258 merchant respondents was commissioned by Discover Global Network and conducted by
About Discover
1 Enhancing the payment experience: Balancing merchant and consumer needs,
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