Next-generation consumer payments are growing rapidly due to changes in consumer behavior, advances in tech and innovative competition. Accenture research finds that over half of consumers in major markets have used tools like digital wallets, which are more popular than credit cards.
Economic turbulence is driving consumers to seek more control over their payments choices, with some eager to escape paying interest.
Card-issuing banks that take a timid approach to payments innovation could lose out on $89 billion in revenue in the next three years.
The latest global payments consumer survey from Accenture reveals that next-gen offerings like digital wallets, account-to-account (A2A) and buy now, pay later (BNPL) are rapidly gaining share—and more disruption is coming from biometrics, machine-to-machine and metaverse payments.
Read the full Payments get personal report
Interested in learning more about buy now, pay later? Take a look at the Finding success with BNPL: strategies for banks to get it right
