Market Research Report
Consumer Payments Country Snapshot: US 2016
|Published by||GlobalData||Product code||487997|
|Published||Content info||43 Pages
|Consumer Payments Country Snapshot: US 2016|
|Published: April 5, 2017||Content info: 43 Pages||
In almost all areas of the payments market, the US is highly competitive and features a wide range of card-issuing brands and alternative payment brands (including in peer-to-peer [P2P], online payments, and mobile payments). Consumers have a great deal of choice as a result, and there are a wide variety of specialized and generalist products available for consumers to use. However, this diversity has also led to a fragmented market in which alternative payment tools have struggled to gain market share over traditional options, and the one truly generalist tool available - cash - remains highly popular.
Credit cards: American credit card debt has been growing since 2012. It has not yet reached the levels seen before the 2008 crisis, but given that wage growth has not kept pace with the rise in debt and the Federal Reserve has raised interest rates, American consumers are increasingly burdened with debt.
Online payments: The US is one of the largest and most well-developed online commerce markets in the world, with consumers spending a total of $562bn online in 2015. The market is expected to record robust growth from 2015 to 2020, with mobile commerce expected to account for 20.8% of all online spending in 2020.
Cash: American consumers are still highly reliant on cash at the point of sale (POS), due to its universal applicability in the market. Smaller merchants in particular see payment card acceptance as expensive, while other merchants only accept a sub-set of the available card schemes. The dominance of cash is starting to be eroded as new solutions enter the market, but its decline will be slow.
The report "Consumer Payments Country Snapshot: US 2016" examines the consumer payments market in the US, considering payment cards, online payments, P2P payments, and newer payment technologies such as mobile wallets and contactless and also examines the regulations in force in the market that players must comply with, and how these have changed in recent years.
Moreover, this report will helps you to understand the following -
Companies mentioned in this report: Visa, Mastercard, American Express, Discover, Pulse, Star, Apple, Google, Samsung, Starbucks, Walmart, JP Morgan Chase, Bank of America, BBVA, Capital One, Wells Fargo, Citibank, US Bank, TD Bank, USAA, Fifth Third, Barclays, PNC, BlackRock, KAIKU, Zelle, Facebook, MCX, First Data, Vantiv, Elavon.