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Aug 31 Payments NEXT newsletter: cart abandonment costs $260 billion, bank mobile apps failing, consumers clicking but not collecting, UK fintechs, more… |
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| We say hello to his week’s global payments news roundup and goodbye to the last weekend of summer holidays. We start with $260 billion – that’s the amount of business lost by retailers due to shopping cart abandonment online. A social experiment from Lightico shows bank mobile applications are just not ready for prime time with younger customer prospects. Barclaycard says UK shoppers are clicking but 14% are not collecting their online purchases to the tune of $21.9 billion annually. New research from PYMNTS/LISNR shows consumers are not buying with retailers mobile apps, putting app investments under scrutiny.
The news roundup includes items on cross-border payments, UK fintech jitters, N26’s US launch, Uber fintech hiring, and e-commerce success at some of the leading US warehouse clubs. Put some shrimp on the barby and enjoy your weekend!
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| Cart abandonment costs online retailers billions
New research from Barclaycard shows that UK online shoppers abandon their shopping carts to the tune of £18 billion ($21.9 billion) annually. This behavior is not unique to British consumers either as US and other online shoppers abandon tens of billions of dollars’ worth of products in their shopping carts every year too. Read more… |
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Social experiment shows banks’ mobile sign-ups fail
A new social experiment by digital customer interactions company Lightico asked a group of college students to open a bank account and apply for a credit card at four big banks on their mobile device. The results show how big banks are struggling to connect with new customers and meet their digital expectations. Read more…
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Consumers are clicking and buying, but why aren’t 14% collecting?
A recent Barclaycard research report shows that consumers are clicking and buying, but one in seven online shoppers admitted to not collecting their purchases. Say again? That’s right, 14.3% of online shoppers are buying, but not picking up their precious packages worth more than £228 million ($278.6 million) in uncollected items each year in the UK. Read more... |
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Consumers curious about mobile apps but little mobile buying
Consumers are curious about mobile apps, but research shows they’re not doing much buying via company apps in the US to date. A PYMNTS/LISNR report surveyed 1,045 American consumers to learn how they use merchant apps to enhance in-store shopping and their interest in downloading more in the future. The results show potential, but not many consumers are buying and paying with mobile apps, and it may not be worth the investment for small businesses. Read more... |
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Payments NEXT – Aug 30: Global payments news roundup
In the roundup, we’ve also got a great collection of stories to keep you current. We start with a look at a Ripple perspective on why cross-border payments are slow and expensive. UK fintech founders are nervous about Brexit and want Boris Johnson’s government to help it remain a financial industry leader. N26 enters the US banking market the same week Apple rolls out its new credit card. CNBC takes a look at why Uber is hiring so much fintech talent. Coresight Research shows how warehouse clubs like Costco have made surprising e-commerce progress. Do enjoy your long weekend and happy reading! Read more… |
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