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Sept 7 Global payments news roundup: US drunk shoppers spend $39.4B, UK challenger banks triple growth, B2B cart abandonment research, EMV chip card growth, more… |
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| Welcome to our first global payments news roundup for September. Lots of important news as we move into the busy fall business cycle. Accenture research shows UK challenger banks will triple in size in the next 12 months – substantial growth and a new competitive reality. Finder.com research shows the tab for US drunk shoppers in 2018, was more than $39.4 billion. Yikes!
MSTS research says B2B sellers are having a tough time meeting business customer expectations with B2B shopping cart abandonment reaching 57%. That’s a lot of lost business. In Europe, a new mobile payments group is looking to build a new, more interoperable, and more effective payments network for customers and consumers. Check out more global payments news in the roundup below. Good reading and enjoy your weekend!
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| Report: UK challenger banks will triple size in 12 months
Accenture predicts UK digital-only challenger banks will triple in size from 12 million users to more than 35 million users in the next 12 months. A new Accenture report says five million new customers opened digital-only bank accounts in the first six months of 2019, reflecting 170% growth in customer acquisition. And yes, there is a booyah! Bank! Read more… |
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US drunk shoppers spent $39.4 billion in 2018
This just in. Americans got the message about the dangers of drunk driving, but apparently, they missed the memo about drunk shopping. Recent research shows boozing buyers spent $39.4 billion shopping in 2018 while under the influence, in-store and online. In the latest Drunk Shopping Survey from finder.com, 26% of Americans admit to shopping while drunk. That’s 53.4 million shoppers stumbling across their keyboards and swaying through the shopping center trying to buy the latest Show Dogs or Gotti video or a birthday sweater gift for their mother-in-law in Miami. Read more…
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B2B cart abandonment: Hidden problems & possibilities
MSTS is out with a new report on B2B sellers and buyer payment preferences. There are valuable insights and solutions to some of the challenges faced by B2B sellers, but one statistic shocked me. The research showed that 57% of B2B buyers did not complete a purchase for their companies because the vendor checkout process took too long. With all of the tools and technology, choice of payments partners, and features available to B2B vendors, it’s hard to imagine that businesses selling to business would see cart abandonment levels this high. Read more... |
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EU mobile group building new cross-border payments network
Recognizing the threat from fintech startups as well as mobile powerhouses like Alipay, a group of seven European payments leaders has started building a new network focused on improving cross-border mobile payments in the EU. EMPSA members have more than 25 million users across the EU through 350 partner banks and more than one million transaction points. Read more... |
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Payments NEXT – Sept 6: Global payments news roundup
In the payments news roundup, UK retailers lost $9.83 billion to cart abandonment because of a lack of payment options. Stripe Capital launches new instant loans service for customers. Retailers added 600,000 new EMV chip card in the US in the first six months of 2019. Insurtech startups are putting pressure on the industry to accelerate digital payments options. US digital bank Chime reached 500,000 new customers and added new overdraft features. UK fulfillment service Huboo raised $1.23 million to expand its service offer to e-commerce SMEs. Read more… |
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Get more global payments industry news and insight
Find the daily payments industry news you can use at Payments NEXT. |
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