5 factors that change the sector of online payments

an era when consumer appetites are increasing, they want more speed and convenience, so companies working in the area of payments, entered into a fierce competition, offering customers a variety of payment methods.

They tend to simplify digital payments, while striving to ensure maximum security of customer payments.

Experts BusinessInsider identified several important trends that are changing the payment industry. Below we will tell you more about them.

IT company

IT company can obtain a significant share of the market of financial services of the United States, which is estimated at 1.35 trillion dollars. This proportion can reach 40%.

So, the client segment Amazon Prime includes 90% of households with an annual income of 112 000 dollars above. A third of Prime subscribers already using Amazon payment method – Amazon Cash.

Generation Z

In the U.S. currently, there are 68 million generation Z with a total purchasing power of 143 million dollars. 93% of parents of children of generation Z say that children have a significant impact on spending on the family. More than half of generation Z are using digital wallets at least once a month for shopping.

the Social network

the Market for social Commerce of the United States in 2019 is estimated at $ 22 billion. According to analysts, by 2024, it will increase to 84.2 billion dollars. 58% of consumers say that social networks influence the decision to purchase. On average, consumers around the world spend 2 hours and 20 minutes on the social network.

39% of British consumers aged 16 to 24 years old make purchases on the merchant’s site, entering it via Instagram.

E-Commerce and mobile Commerce

purchases using a personal computer remains the most popular form of online shopping. Analysts predict that this segment will grow by 2023 to 555 billion dollars, amounting to half sunex online sales in the United States.

Mobile Commerce will grow by 24 percent by 2023, it will account for 39% of all online purchases in the country.

ordering a product

currently, only 34% of consumers are completely satisfied with the ordering of products when shopping in grocery stores. Experts predict that by 2024, the number of stores, practicing pre-orders, will grow to 10 000. The offline payments will rise by 2024 to more than $ 20 billion.