Future-Proofing Payment Card Strategies
- Date:October 22, 2020
- Author(s):
- Krista Tedder
- Rachel Huber
- Report Details: 18 pages, 8 graphics
- Research Topic(s):
- Tech & Infrastructure
- PAID CONTENT
Overview
The modified consumer payment habits driven by the coronavirus economy have a long-term impact on financial services payment strategies. Multiple card payment changes occurred from 2019 to 2020, both in funding methods and in usage channels. To meet consumer needs and maintain a comprehensive payment strategy, financial services need to adapt as new payment habits become permanent.
This report is the second in a series covering payment impacts due to the changes in payment behavior. This report focuses on how payment habits affect the total cost of ownership of a card program and what is required for maintaining digital top-of-wallet status.
Key questions discussed in this report:
- What are the primary payment habit shifts made by consumers as the coronavirus pandemic affects the U.S. economy?
- How do payment card usage changes affect the total cost of owning and managing a card payment program?
- What steps do financial services organizations need to take to prepare for the next 18 months in remaining relevant to consumers?
Methodology
The data in this report was primarily collected in May 2020 from a random-sample survey of 3,000 U.S. consumers. The consumer payment survey was conducted online with a margin of error at +/- 1.79%.
Learn More About This Report & Javelin
Related content
Navigating 1033: Technology Considerations for the New Rules of the Road
The long-awaited final rules under Section 1033 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 present technology departments and tech leadership with a n...
Demystifying Payment Orchestration for Banks
Payment orchestration for banks is fundamentally about lowering costs, increasing efficiency, and creating better customer journeys. The process of building orchestration architect...
Banking as a Service and Self-Inflicted Wounds
The “unbundling” of financial services through banking-as-a-service arrangements cast risk and compliance into a gray area. This was underscored by the failure of BaaS provider Syn...
Make informed decisions in a digital financial world