Cash is a Ghost of Christ­mas Past

Malta Independent - - NEWS -

Con­tact­less and mo­bile tech­nol­ogy is driv­ing new shop­ping habits in the run-up to

Christ­mas ac­cord­ing to a re­cent Dig­i­tal Pay­ment sur­vey con­ducted by Visa.

30.11.16 Malta Whether on­line or in-store, buy­ing gifts or en­joy­ing Christ­mas rev­elry, shop­pers around Europe are fore­go­ing cash, opt­ing for the speed and con­ve­nience of new pay­ment meth­ods.

With MORE THAN 165 mil­lion con­tact­less cards and 3.4 mil­lion con­tact­less en­abled ter­mi­nals ter­mi­nals across Europe, us­age has grown from 36% in 2015 to 52% in 2016, ac­cord­ing to Visa’s 2016 Dig­i­tal Pay­ments Study.

This trend is not solely re­served for younger, more tech-savvy con­sumers. Con­tact­less up­take has in­creased across all age de­mo­graph­ics, the great­est in­crease within the 55-64 age bracket, which has wit­nessed 64% growth since 2015.

More­over, the adop­tion of con­tact­less cards is hav­ing a tan­gi­ble im­pact on other pay­ment meth­ods. Europe-wide, con­tact­less card users are more open to us­ing a mo­bile de­vice as a pay­ment method in a shop (52% con­tact­less card user vs 32% non-con­tact­less card user), to shop via a re­tailer app (49% vs 31%) and to pay for a meal (50% vs 30%).

As well as reap­ing the ben­e­fits ser­vices to our clients, lead­ing high performing teams and con­tribut­ing to our pur­pose and am­bi­tion. De­spite an un­cer­tain econ­omy, we are still in­vest­ing and these pro­mo­tions are a trib­ute to the con­tri­bu­tions these new part­ners have made to EY and our fu­ture. I’m proud of all that we’ve achieved to­gether as an or­ga­ni­za­tion over the past year, of con­tact­less pay­ments, con­sumers are also recog­nis­ing the ben­e­fits of other new pay­ment meth­ods. In 2016, 44% of the peo­ple Visa sur­veyed re­ported us­ing mo­bile pay­ment apps, up from 38% last year. Nearly half (46%) agree that hav­ing the op­tion of pay­ing us­ing their mo­bile or wear­able de­vice has made it eas­ier to buy the items thy need.

This added con­ve­nience is also and I am par­tic­u­larly proud of all our new part­ners.”

EY con­tin­ued to reaf­firm its com­mit­ment to the ad­vance­ment of women, with fe­male part­ner pro­mo­tions rep­re­sent­ing 29% (208), in­clud­ing women across all ge­ogra­phies and ser­vice lines.

EY has more than 230,000 peo­ple in 152 coun­tries around the world. fu­elling an up­take in dig­i­tal wal­let us­age across a va­ri­ety of pur­chas­ing chan­nels. Euro­pean con­sumers are in­ter­ested in us­ing dig­i­tal wal­lets to make pur­chases face-to-face (37%), through apps (51%), as well as on­line (56%). Con­sumers agreed that greater con­ve­nience (61%) and the abil­ity to pay any­time, any­where (59%), were the pri­mary ben­e­fits.

Chris Meilak

Shawn Falzon

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