Majority of Consumers Believe Future of Money Is 100% Digital – Research Report

Visa (NYSE: V) recently released a new 2024 Consumer Segment Analysis report unveiling the top digital maturity trends shaping consumers’ financial behavior and how issuers “can keep pace with consumer expectations for seamless, secure digital payments.”

Visa’s latest report, in collaboration with Ipsos, provides issuers “with a deeper understanding of evolving consumer preferences, drawing on insights from 11,500 consumers on their attitudes, needs, and contextual tensions that shape their decisions and behaviors.”

Key highlights from the Visa report include:

  • Convenience is Key: 61% of consumers surveyed feel convenience is the most valuable when managing money
  • Option Overload: 47% feel overwhelmed with too many payment options
  • Ready for What’s Next: 63% believe that the future of money is 100% digital, with 57% being open to trying new technologies to manage money and 48% being open to using crypto and other new forms of money.
  • Digital Wallets: 53% of consumers surveyed have used mobile wallets in the past year

In other key updates from the payments firm, Visa announced a significant milestone achieved by its tokenization technology. Visa tokens have generated more than $40 billion in incremental e-commerce revenue for businesses globally and saved $650 million in fraud in the last year.

Visa also announced it has issued “more than 10 billion tokens since the technology’s launch in 2014.”

Over the last 10 years, Visa has further “enhanced security across the payment ecosystem through tokenization – a technology that replaces sensitive personal data with a cryptographic key that conceals sensitive payment data.”

Tokenization can be embedded into any device, “making digital payments more secure while being virtually useless to scammers.”

Currently, 29% of all transactions processed by Visa “use tokens, reflecting their widespread adoption and the trust consumers place in this secure payment method.”

Tokenization technology has also caused “a six-basis point increase in payment approval rates globally.”

As reported recently, a survey of payment professionals by Thunes, a global money movement innovator, and Visa, an enabler of digital payments, reveals conflicted attitudes among Europeans on cross-border payment interoperability, highlighting “the challenges firms face in integrating across multiple markets and systems.”

The survey findings reveal that despite “a majority reporting confidence in their firm’s cross-border payment capabilities, decision-makers face difficulties including lost business from a failure to integrate with popular and emergent payment methods.”

By 2026, 60% of the world’s population is “expected to use digital wallets for daily payment needs. But despite their growing popularity, they are ranked as the most problematic endpoint for cross-border payments.”

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