What do 8,000 consumers in 22 countries think about the future of payments?

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Consumers have an abundance of options when it comes to choosing how they want to pay and be paid thanks to the digital payment revolution. A new study shows that consumers–especially younger generations–are eager to use  “what’s next” in payments technology, they are not adopting tech for tech’s sake.

Instead, Visa’s new study found respondents are choosing personalized payment experiences they trust, solve an unmet need, and ultimately simplify their lives.

The fifth annual Global Commerce Unbound Report (GCU) was released today and studied more than 8,000 consumers in 22 countries to understand consumer payment behaviours, trends, and payment maturity versus innovation readiness.

The results show the path to consumer-centric payments is not a linear path and differ greatly across geographies and generations.

What do 8,000 consumers in 22 countries think about the future of payments? - Brand Spur

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Key findings:

  • Banking is changing: 77% of global respondents are interested in a neobank (digital bank). While banking apps have been around for years, 2019 was the first time Americans preferred in-app banking over in-branch baking.
    • Despite this, U.S. respondents had 39% lower awareness of neobanks, and 30% less interest in this new banking model compared to the global average
  • Consumer interest at the core: 51% of respondents’ payment choice drivers were about human-centred needs, from control and convenience to simplicity and personalization
    • Showing the need for control, Gen Z use of debt has increased by 39% since 2017.
    • The use of mobile and desktop payments is on the rise both globally and in the U.S.
  • Payment maturity versus innovation readiness creates unmet demand:
    • Chile, Mexico, and Japan reported the greatest unmet demand. While the appetite for payment innovation technology is at parity with payment maturity in countries like Canada and the United Kingdom
    • Usage of traditional card-based payment methods is highest in India, China, Kenya, and Singapore
  • Interest in the Internet of Things remains high globally:
    • 46% interested in a tap to pay for transportation
    • 42% want to pay for things without leaving their car
    • 41% hope to pay at retail with biometrics
  • QR codes and mobile app payments usage is high- cash is declining:
    • Millennial usage of QR codes and mobile app payments increased by 60%
    • Gen Z usage of QR codes has increased by 75% and mobile app payments by 50%
    • Globally, Both Gen Z and Millennials have reduced cash usage by roughly 14% percent
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Based on the findings, the ‘one size fits all’ approach no longer applies. Businesses must be nimble enough to navigate the different payment preferences by market and demographic to remain competitive.

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What do 8,000 consumers in 22 countries think about the future of payments? - Brand SpurWhat do 8,000 consumers in 22 countries think about the future of payments? - Brand Spur

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What do 8,000 consumers in 22 countries think about the future of payments? - Brand SpurWhat do 8,000 consumers in 22 countries think about the future of payments? - Brand Spur

Latest News

Next Meats, Purveyor of the World’s First Plant-based Yakiniku Meats, Is Now in Singapore

The Tokyo-based startup makes its debut in the alt-protein hotspot of Singapore

 

  • Next Meats has collaborated with Aburi-EN to deliver two new meal sets
  • Made with soybean proteins, the Kalbi contains no chemical additives or animal ingredients


SINGAPORE - Media OutReach - 14 April 2021 - Next Meats, a purveyor of the world's first plant-based yakiniku meats, is making its debut in the alternative protein hotspot, Singapore! The Japanese alternative meat company has collaborated this time with popular Japanese restaurant Aburi-EN, which will offer two types of set meals using the NEXT Kalbi (boneless short rib) for the very first time. Made largely from soy proteins, the NEXT Kalbi contains double the amount of protein and half the fats than that of regular meat and even more, it does not contain any chemical additives or cholesterol due to its lack of animal ingredients. Now, Singaporeans can enjoy yakiniku without the guilt!

Read Also:  Today is World Pasta Day: Here are 7 Fun Facts About Pasta


What do 8,000 consumers in 22 countries think about the future of payments? - Brand Spur

From left to right: Premium Kalbi Don Set and Stamina Teishouku Set

The two new menus available at Aburi-EN are the Kalbi Don Set (S$13.80) and the Stamina Teishoku (S$15.80) — which are available for a limited time only. Next Meats has specifically chosen to work with Aburi-EN as they are a Japanese grilled-meat specialist. The two menus are the culmination of many months of research and development, and they will also be Aburi-EN's first-ever plant-based dishes.


What do 8,000 consumers in 22 countries think about the future of payments? - Brand Spur

For the Kalbi Don Set, Next Meat's Kalbi is grilled and served atop a bowl of fragrant Japanese steamed rice. Equally indulgent, the Stamina Teishoku features the Kalbi stir-fried with cabbage along with egg imported from Okinawa. The meat is then served with fragrant Japanese steamed rice, salad, pickles and miso soup. For both dishes, the meats are glazed with a special homemade sauce that packs an irresistible umami punch.

Both the Kalbi Don Set and Stamina Teishoku will be available at all Aburi-EN stores from April to July 2021.

An advocate of sustainable food production and better food security

The NEXT Kalbi is one of Next Meats' innovative offerings, which includes other plant-based delicacies such as the NEXT burger and NEXT gyudon (beef bowl). The company champions the importance of saving the planet and humanity through reducing the emission of greenhouse gases (which is produced from meat consumption and animal agriculture) and utilizing biotechnology to combat protein deficiency.

Through extensive research and development, Next Meats has culminated the knowhow on using molecular binding to mould vegetable proteins from powder. Buoyed by state-of-the-art, proprietary technologies, the company has successfully created vegan substitutes that replicate the texture of real meat.

About Next Meats

Hailing from Tokyo, Next Meats is a food-tech venture company that specialises in the research and development of Japanese-style alternative meat products. Its journey of product development began in 2017, and the company was officially established in 2020. Its portfolio of products includes plant-based burger patties, gyudon and yakiniku meats.

Social Media for Next Meats

Facebook: /nextmeats.singapore

Instagram: @nextmeats_singapore

Hashtags: #nextmeats #nextmeats_sg #japaneseplantbased


About Aburi-EN

Aburi-EN is Singapore's leading Japanese Grill restaurant chain, best known for delicious high quality grilled donburi bowls. Signature dishes include the Premium Buta Don with grilled chestnut-fed pork, Wagyu Karubi Don, and the Wagyu Stamina Don, made using A4/A5 Miyazaki Wagyu, which has won Japan's "National Wagyu Award" for 3 consecutive years, among many others. The homemade sauces give the meats and dishes an extra umami-ness. Aburi-EN is also known for affordable highballs and Japanese sours, which pair perfectly with the Aburi dishes.

Social Media for Aburi-EN

Facebook: /aburiensg

Instagram: @aburien.sg

Hashtags: #aburiensg #aburiendonburi #aburienjapanesegrill

Outlets

- Isetan Scotts:

350 Orchard Rd, #01-K1 Shaw House, Singapore 238868

- Causeway Point

1 Woodlands Square, #02-09B Causeway Point, Singapore 738099

- Jem

50 Jurong Gateway Rd, #01-04 Jem, Singapore 608549

- Vivo City

1 Harbourfront Walk, #01-159/160 VivoCity, Singapore 098585

- Novena Square

238 Thomson Rd, #01-89/90, Singapore 307683

- Guoco Tower

1 Wallich St, #B2 - 09, Singapore 078884

- Orchard Central

181 Orchard Central, Central, #01-16 Orchard, 238896

- Suntec City

3 Temasek Blvd, #B1-121 Suntec City Mall, Singapore 038983

- Nex

23 Serangoon Central, #01-63/64/65 Nex, Singapore 556083

Operating Hours

11am – 10pm, Daily

What do 8,000 consumers in 22 countries think about the future of payments? - Brand Spur
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