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Discover® Global Network Unveils 2024 Payments State of the Union Insights
Slice of Finance Team
03 Nov
Key Highlights:
Instant Payments Demand: 73% of consumers use instant payments, especially for real-time bill payments and business payouts.
Security Concerns: 51% of consumers prioritize security in payment experiences; 71% are open to added security steps.
Merchant Focus: 61% of merchants see payments as a strategic focus, highlighting Tap to Pay and fraud prevention as crucial.
Fintech Growth Areas: Fraud prevention (92%), instant payments (93%), and AI-led fraud detection are top priorities.
Money 20/20 Session: Discover will discuss future payment strategies on October 29, 2024, at The Briefing Room Stage, Las Vegas.
Source: Business Wire
Notable Quotes:
“The fintech ecosystem is having a transformative impact on our everyday lives...fintechs walk a tightrope between consumers who expect instant and convenient payment experiences and merchants that demand seamless integration and security.”
“The third installment of this year’s survey revealed significant opportunities for fintechs to address the needs of both consumer and merchant audiences.”
Our Take:
The 2024 Payments State of the Union reveals a payments ecosystem at a crossroads: consumers demand convenience and security, while merchants seek seamless integration and fraud protection. Discover® Global Network’s findings underscore fintechs’ pivotal role in balancing these needs, especially as instant payments and fraud prevention top priority lists across segments. With rapid growth in AI and instant payments, fintechs have an opportunity to transform payments further while addressing security concerns, setting the stage for a dynamic future in financial services.