The adoption of new payment methods

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New payment methods at the service of merchants

Le 22 December 2020

Payment methods are extremely varied. While many are linked to regionalized habits, the health crisis is seen as an accelerator of contactless payment, with a universal vocation.

However, at the level of global transactions, new payment methods represent an extremely low percentage. However, the explanation is less to be found in the rejection of consumers than in the lack of information from traders. An analysis by Guillaume Ponsard, Founding President of the French fintech CentralPay.

Contactless payments up 40% worldwide

Consumer habits die hard, cash has never really been dethroned. One of the indirect effects of the global health crisis, called for by all institutional and payment players, was to accelerate changes in habit. And this to the regions most reluctant to part with cash.

Apparently global phenomenon, which observers unanimously note. The consultancy firm McKinsey & Company reports a 40% increase in contactless payments, including mobile payment. A trend that analysts see continuing, supported by new deployments of solutions.

New means of payment but well-established habits

As such, France is the 4th country, globally among the most solid economies, to use contactless payment, ahead of the United States, with some success for the NFC chips on our bank cards.

Apple Pay, Google Pay and even Samsung Pay wallets are also starting to do well, by entering into contracts with an increasing number of French banks. Other practices and other solutions are found elsewhere. These include the QRcode, widely used in Asia, or even instant payment (immediate transfer), particularly suitable for B2B transactions. There is also a growing appetite for payment by link, particularly in tourism and rental, which allows several people to pay.

We say of new payment methods that “to try them is to adopt them”. In any case, this is confirmed by the recent Adapterra study on contactless and mobile payment. Thus, “92% of respondents who installed a mobile wallet used it during the crisis”. While “90% of them want to continue paying via mobile wallet once the health crisis has passed”.

Article originally published on November 16, 2020 and to be read in full on infodsi.com.