2018 Global Payments Report: 5 small business takeaways
Worldpay’s 2018 Global Payments Report offers a comprehensive overview of the ways global consumers pay, from Argentina to Vietnam and everywhere in between. Our report details how we pay today—and projects how we’ll pay in the future—globally, by region, and in 36 select countries.
Today’s payments landscape reveals a kaleidoscope of diversity, meticulously documented by our global team of payments experts. We look beyond the numbers to explore the art and science of payments with essays on compelling payment trends.
Though global in scope, US small business owners will benefit from insights into the minds of consumers near and far. Detailed analysis of US and North American regional data and trends will help you make sense of where payments are heading. Letting shoppers pay the ways they want is a big part of their overall experience; we’ll explore issues with direct relevance to serving your customers.
Here are five key takeaways from the report for your business:
1. Embrace a mobile-first consumer experience
Mobile devices have become control centers for the entire consumer buying journey. Today mobile-friendly websites and seamless payment experiences are essential for every business, regardless of size. Engaging with customers on their mobile devices isn’t just for the big brands. Accessible and affordable technology makes delivering quality mobile experiences possible for everyone.
2. Capture eWallet growth at the point of sale
The use of mobile devices for payment in-store is growing. Small businesses are taking advantage, from convenience stores to quick-serve restaurants and everything in between. Though eWallets account for only 3% of POS spend in the US today, that share is projected to more than double by 2022. Serve early adopting shoppers by enabling mobile payments at the point of sale.
3. The reliance on credit and debit cards
Accepting credit and debit cards remains vital for any small business payment mix. Despite changing times credit card payments are actually expected to gain in-store share in North America through 2022. High card penetration in the US—almost three-fourths of POS spend—make security vitally important. Upgrade to EMV if you haven’t already to add additional layers of protection.
4. The emerging importance of Millennials
Millennials represent large buying power. In 2017 over half of the world’s population was under 30. Serving their needs means meeting them where they are—on their mobile devices. Adding popular alternative payment methods like PayPal and Apple Pay offer Millennials the security they need while helping to boost online sales conversions as well as making in-store payments convenient.
5. Changing the channel paradigm
Consumers are engaged in experiences—not channels. It’s time to start organizing our businesses with shopper experiences at the center. Today, it’s all commerce. Learn how your business can stand out by delivering personalized experiences to your customers, however they chose to shop. Change the channel paradigm and explore the future of unified commerce.
Ready to learn more about how consumers pay both close to home and around the world? Download our 2018 Global Payments Report to discover how the world pays, and what that means for you.