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A new report by EY reveals a significant shift in payment preferences among Gen Z. The survey highlights their growing reliance on digital payment methods, including contactless payments and mobile wallets. Convenience and security seem to be the leading factors in this shifting preference. Interestingly, the study also shows Gen Z is less concerned about data privacy compared to older generations. #GenZ #DigitalPayments #ContactlessPayments #DigitalWallets https://lnkd.in/g3SGyinw

A new report by EY reveals a significant shift in payment preferences among Gen Z. The survey highlights their growing reliance on digital payment methods, including contactless payments and mobile wallets. Convenience and security seem to be the leading factors in this shifting preference. Interestingly, the study also shows Gen Z is less concerned about data privacy compared to older generations. \#GenZ \#DigitalPayments \#ContactlessPayments \#DigitalWallets https://lnkd.in/gkGQkNZg

A new report by EY reveals a significant shift in payment preferences among Gen Z. The survey highlights their growing reliance on digital payment methods, including contactless payments and mobile wallets. Convenience and security seem to be the leading factors in this shifting preference. Interestingly, the study also shows Gen Z is less concerned about data privacy compared to older generations. \#GenZ \#DigitalPayments \#ContactlessPayments \#DigitalWallets https://lnkd.in/gu5c9MdJ

According to our previous poll, 75% of the users prefer having separate bank cards for online shopping and other purposes. This can offer several benefits that contribute to better financial security and management: 🔐 Enhanced Security and Reduced Exposure to Fraud By having a dedicated card for online transactions, you limit the potential exposure of your main account details. This makes it harder for cybercriminals to gain access to your primary bank account. 🔎 Easier Monitoring for Suspicious Activity It's easier to monitor and identify unauthorized transactions when you have a separate card for online shopping. Any suspicious activity can be quickly detected and addressed. 📝 Less Risk in Case of Data Breaches If a website you used for online shopping experiences a data breach, having a separate card means that only the funds allocated for online purchases are at risk, rather than your entire bank account. 💳 Budgeting and Expense Tracking and clearer Spending Categories Differentiate between regular expenses and discretionary spending. This makes it easier to track and manage your finances effectively. 💸 Preventing Overspending When you allocate a specific amount for online shopping, it sets a clear spending limit. This can help prevent impulsive purchases and promote better budgeting habits. 💱 Convenience and Efficiency Streamlined Record-keeping: You won't have to sift through a mix of different types of transactions when reviewing your bank statements. Faster Resolution of Disputes: In case of any issues or disputes related to online purchases, having a dedicated card can expedite the resolution process. 🪪 Protecting Personal Information Minimizing Exposure of Sensitive Data: Using a separate card for online shopping reduces the need to provide your primary card details to various online merchants, minimizing the risk of exposure. 🔒 Control Over Subscriptions and Recurring Payments You can manage subscriptions and recurring payments more effectively by using a specific card. This ensures you're aware of all online services you're paying for. 🔑 Emergency Preparedness Isolation from Card Loss or Compromise: If your dedicated online shopping card is lost or compromised, it won't affect your main bank account. This provides an additional layer of security in case of unforeseen circumstances. Follow us for more financial tips and tricks! Converse Bank is regulated by the Central Bank of RA. #ConverseBank #ConverseMobile #BankingCards #OnlineShopping

🔍 Navigating Merchant Service Fee Changes? Here's a Must-Read! 💡 Did you know that a recent article revealed some eye-opening trends in business spending? According to the report, "33% of credit card holders across all demographics upped the share of their expenses paid using credit cards in the last six months, while just 15% reduced it." 📊 With both Visa and MasterCard gearing up for rate hikes, particularly aimed at online transactions, it's high time for businesses to take a closer look at their merchant service fees. Being proactive now could lead to significant long-term savings. As someone who's passionate about helping businesses thrive, I encourage you to consider reviewing your fee structure. Let's connect and discuss how you can strategically navigate these changes and ensure a resilient financial future. #MerchantServices #FinancialStrategy #BusinessGrowth #OnlinePayments #SavingsAhead

As the saying goes, “If I’ve said it once, I’ve said it a thousand times” (I know, I’m starting to sound like my father! 👴 ). But this time, it’s serious!! #lenders: Gen Z’s payment preferences deserve serious consideration!!! According to the recent article below from Payments Dive, Gen Zers won’t hesitate to abandon a transaction if their preferred #payment method isn’t available! 🌟 How ACI Worldwide Can Make a Difference: ✔ Real-Time Payments: Gen Z expects instant gratification. ACI’s cutting-edge solutions enable real-time payments, ensuring swift and seamless transactions for this tech-savvy cohort. ✔ Digital Wallets: Gen Z loves digital wallets and mobile apps. ACI’s expertise in digital payment platforms empowers businesses to offer secure and user-friendly wallet options. ✔ Contactless Payments: ACI’s solutions support contactless payments, aligning perfectly with Gen Z’s preference for tap-and-go convenience. ✔Fraud Prevention: Gen Z values security. ACI’s robust fraud prevention tools safeguard transactions, building trust and loyalty. #digitalwallets #fraudprevention #talkingpayments #financialinstitutions

The average credit card user has different habits to a debit card user. Do you know how they differ? Here is a quick look. 👇 The most recent RBA Consumer Payments survey shows the habits of card users. 👉 Credit Card users: 50% more likely to use their card online. 👉 Debit Card users: twice as likely to tap via a device. Key Insights: This gets more interesting when looking at different generations. For anyone over 40, Credit cards are used most often. Under 40, and it is a clear shift to Debit. That helps explain the preference for device usage; with more tech oriented generations. But the tendency to use credit cards online is interesting. That's because older age groups traditionally aren't purchasing online as much. But there is an age group that may be the sweet spot for online purchases using Credit Card; the 40-49 year age bracket. They purchase online more than any other age group; and their preference is for credit cards. So, why do you think credit cards are used more online? Better fraud protection, or something else? #data #payments #creditcards

PayPal And Square Are The Leading Payment Processors Among Main Street SMBs. Nice one! Snippet: PYMNTS adds, “In ‘The Main Street Health Survey Q3 2023,’ PYMNTS Intelligence explored the preferences of Main Street SMBs by leveraging insights from a survey of over 500 brick-and-mortar shops in commercial districts across the United States.” This research, completed in cooperation with Enigma, found that “PayPal and Square are the most popular payment processors among Main Street SMBs, with 85% of SMBs highly satisfied with their current payment processors.” It also found that 72% of Main Street SMBs prioritize ease of use when selecting a payment processor. https://lnkd.in/eyUiyJpm

In 2023, the global retail sector lost $429 billion USD to payments fraud. Nearly half of all businesses worldwide experienced some form of fraudulent activity, cyberattacks, or data breaches over the past year — an increase of 32% compared to 2022, according to Donal McGuinness, CEO of payment link platform Prommt. "This calls for immediate investments in secure payment processes and fraud prevention measures,” McGuinness told the E-Commerce Times. “Preventing fraud, protecting customer data and privacy, and ensuring compliance with regulations are increasingly becoming top priorities for payments technology.” He explained that it requires implementing data encryption and tokenization, enforcing strict data governance, applying access controls and robust authentication measures, and adhering to global compliance standards. Read Donal's contribution to the E-Commerce Times latest article on the transformation of the payments industry: https://lnkd.in/dv8QeH-P #sendaprommt #paybycard #paybybank