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(MoneyNewsWire.Net, March 14, 2018 ) Consumer Payments Country Snapshot: US Market Report 2017
Consumers have a great deal of choice as a result, and there are a wide variety of specialized and generalist products available for consumers to use. However, this diversity has also led to a fragmented market in which alternative payment tools have struggled to gain market share over traditional options, and the one truly generalist tool available cash remains highly popular.
Credit cards: American credit card debt has been growing since 2012. It has not yet reached the levels seen before the 2008 crisis, but given that wage growth has not kept pace with the rise in debt and the Federal Reserve has raised interest rates, American consumers are increasingly burdened with debt.
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Companies mentioned in this report: Visa, Mastercard, American Express, Discover, Pulse, Star, Apple, Google, Samsung, Starbucks, Walmart, JP Morgan Chase, Bank of America, BBVA, Capital One, Wells Fargo, Citibank, US Bank, TD Bank, USAA, Fifth Third, Barclays, PNC, BlackRock, KAIKU, Zelle, Facebook, MCX, First Data, Vantiv, Elavon.
Online payments: The US is one of the largest and most well-developed online commerce markets in the world, with consumers spending a total of $562bn online in 2015. The market is expected to record robust growth from 2015 to 2020, with mobile commerce expected to account for 20.8% of all online spending in 2020.
Cash: American consumers are still highly reliant on cash at the point of sale (POS), due to its universal applicability in the market. Smaller merchants in particular see payment card acceptance as expensive, while other merchants only accept a sub-set of the available card schemes. The dominance of cash is starting to be eroded as new solutions enter the market, but its decline will be slow.
The report Consumer Payments Country Snapshot: US 2017 examines the consumer payments market in the US, considering payment cards, online payments, P2P payments, and newer payment technologies such as mobile wallets and contactless and also examines the regulations in force in the market that players must comply with, and how these have changed in recent years.
Scope of this report:
American credit card debt has been growing since 2012, albeit not yet to pre-2008 levels. Due to slow growth in wages as well as the Federal Reserve raising interest rates, American consumers are increasingly burdened with debt.
The US is one of the largest and most well-developed online commerce markets in the world, with consumers spending a total of $562bn online in 2015. The market is expected to record robust growth from 2015 to 2020, with mobile commerce expected to account for 20.8% of all online spending in 2020.
American consumers are still highly reliant on cash at the point of sale, due to its universal applicability in the market. Smaller merchants in particular see payment card acceptance as expensive, while other merchants only accept a sub-set of the available card schemes.
Reasons to buy
Understand the key facts and figures in the consumer payments market in the US.
Learn what trends drive consumer behavior at the macro level.
Find out what products the major competitors are launching in the market.
Discover consumer sentiments towards various payment tools in the US market and use this knowledge to inform product design.
Learn about the key regulatory requirements affecting payments players in the US and any recent or upcoming changes to those requirements.
Get sample copy of this report@ http://bit.ly/2tJb4cP
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